EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2016

NOTE 12EARNINGS PER SHARE

On November 30, 2014, the Spin-off date, 38.1 million shares (on a split-adjusted basis) of our common stock were issued, of which approximately 18.5% was retained by Occidental and was divested on March 24, 2016. For comparative purposes, and to provide a more meaningful calculation of weighted-average shares outstanding, we have assumed this amount to be outstanding as of the beginning of each period prior to the Spin-off. In addition, we have assumed the stock awards granted in connection with the Spin-off were also outstanding for each of the periods presented prior to the Spin-off, resulting in a weighted-average basic share count of 38.2 million shares for those periods. Stock options, restricted stock awards and restricted stock units were not included in the computation of diluted EPS because to do so would have been anti-dilutive for the periods presented.

The following table presents the calculation of basic and diluted EPS for the years ended December 31:

	2016			2015			2014
	(in millions, except per-share amounts)
Basic EPS calculation
Net income (loss)	$	279		$	(3,554	)	$	(1,434	)
Net loss allocated to participating securities	(6		)	—			—

Net income (loss) available to common stockholders	$	273		$	(3,554	)	$	(1,434	)

Weighted-average common shares outstanding - basic	40.4			38.3			38.2

Basic EPS	$	6.76		$	(92.79	)	$	(37.54	)


Diluted EPS calculation
Net income (loss)	$	279		$	(3,554	)	$	(1,434	)
Net loss allocated to participating securities	(6		)	—			—

Net income (loss) available to common stockholders	$	273		$	(3,554	)	$	(1,434	)


Weighted-average common shares outstanding - basic	40.4			38.3			38.2
Dilutive effect of potentially dilutive securities	—			—			—

Weighted-average common shares outstanding - diluted	40.4			38.3			38.2

Diluted EPS	$	6.76		$	(92.79	)	$	(37.54	)