EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of calculation of basic and diluted EPS

The following table presents the calculation of basic and diluted EPS, prior to our emergence, for the three and nine months ended September 30, 2020 and 2019:


	Three months ended September 30,				Nine months ended September 30,
	2020		2019		2020		2019
Basic EPS calculation	(in millions, except per-share amounts)
Net (loss) income	$	(7)	$	127	$	(1,999)	$	124
Less: net income attributable to noncontrolling interests	(22)		(33)		(97)		(85)
Net (loss) income attributable to common stock	(29)		94		(2,096)		39
Adjustments:
Net income allocated to participating securities	—		(1)		—		(1)
Return from noncontrolling interest holders(a)	138		—		138		—
Net income (loss) available to common shares	109		93		(1,958)		38
Weighted-average common shares outstanding — basic	49.5		49.1		49.4		48.9
Basic EPS	$	2.20	$	1.89	$	(39.64)	$	0.78

Diluted EPS calculation
Net (loss) income	$	(7)	$	127	$	(1,999)	$	124
Less: net income attributable to noncontrolling interests	(22)		(33)		(97)		(85)
Net (loss) income attributable to common stock	(29)		94		(2,096)		39
Adjustments:
Net income allocated to participating securities	—		(1)		—		(1)
Return from noncontrolling interest holders(a)	138		—		138		—
Net income (loss) available to common shares	109		93		(1,958)		38
Weighted-average common shares outstanding — basic	49.5		49.1		49.4		48.9
Dilutive effect of potentially dilutive securities	—		0.1		—		0.3
Weighted-average common shares outstanding — diluted	49.5		49.2		49.4		49.2
Diluted EPS	$	2.20	$	1.89	$	(39.64)	$	0.77
Weighted-average anti-dilutive shares	3.3		3.2		4.4		2.3

(a)Return from noncontrolling interest holders relates to the deemed redemption of the noncontrolling interests in the Ares JV. For more information on the Ares JV and the Settlement Agreement, see Note 7 Joint Ventures.