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Earnings Per Share (Tables)
 6 Months Ended
Jun. 30, 2022
Earnings Per Share [Abstract]  
Basic and Diluted Earnings Per Share

The following table presents the calculation of basic and diluted earnings per share (“EPS”):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(in millions, except per share amounts)

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to stockholders, net
   of earnings allocated to participating securities

 

$

150

 

 

$

(116

)

 

$

93

 

 

$

(306

)

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding – basic

 

 

228

 

 

 

236

 

 

 

232

 

 

 

235

 

Unvested restricted shares

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1

 

Weighted average shares outstanding – diluted

 

 

228

 

 

 

236

 

 

 

232

 

 

 

236

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per share – Basic(1)

 

$

0.66

 

 

$

(0.49

)

 

$

0.40

 

 

$

(1.30

)

Earnings (loss) per share – Diluted(1)

 

$

0.66

 

 

$

(0.49

)

 

$

0.40

 

 

$

(1.30

)

 

(1) Per share amounts are calculated based on unrounded numbers and are calculated independently for each period presented.