Income (Loss) per Share

9 Months Ended

Sep. 30, 2023

9 – Income (Loss) per Share

A reconciliation of the number of shares used for the basic and diluted income (loss) per share calculation was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars and shares in millions, except per share amounts)	2023		2022		2023		2022
Net Income (Loss) Attributable to Weatherford	$	123	$	28	$	277	$	(46)

Basic Weighted Average Shares Outstanding	72		71		72		71
Dilutive Effect of Awards Granted in Stock Incentive Plan	2		1		2		—
Diluted Weighted Average Shares Outstanding	74		72		74		71

Basic Income (Loss) per Share	$	1.70	$	0.39	$	3.85	$	(0.65)
Diluted Income (Loss) per Share	$	1.66	$	0.39	$	3.76	$	(0.65)

Antidilutive Shares:
Warrants	8		8		8		8
Equity Awards	—		—		1		1
Total Antidilutive Shares	8		8		9		9

Basic income (loss) per share for all periods presented equals net income (loss) divided by our weighted average shares outstanding during the period. Diluted income (loss) per share is computed by dividing net income (loss) by our weighted average shares outstanding during the period including potential dilutive ordinary shares. Antidilutive shares represent securities that could potentially dilute income (loss) per share in the future, which are excluded from the computation as their impact was antidilutive. Our basic and dilutive weighted average shares outstanding for the period presented with a net loss are equivalent as the inclusion of potential dilutive securities is antidilutive.

Warrants to purchase 7.8 million ordinary shares at $99.96 per share were issued on December 13, 2019. As of September 30, 2023, substantially all of the warrants remain outstanding and will expire on December 13, 2023. These were excluded from the diluted weighted average shares outstanding as the exercise price of the warrants was greater than the average market price of the Company’s ordinary shares or excluded in the period in which the company incurred a net loss.