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Earnings Per Share (Tables)
 9 Months Ended
Sep. 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 September 30,

 

 

Nine Months Ended September 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

 

$

35

 

 

$

(86

)

 

$

128

 

 

$

(392

)

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding – basic

 

 

224

 

 

 

236

 

 

 

229

 

 

 

236

 

Unvested restricted shares

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Weighted average shares outstanding – diluted

 

 

224

 

 

 

236

 

 

 

229

 

 

 

236

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per share – Basic(1)

 

$

0.15

 

 

$

(0.36

)

 

$

0.55

 

 

$

(1.66

)

Earnings (loss) per share – Diluted(1)

 

$

0.15

 

 

$

(0.36

)

 

$

0.55

 

 

$

(1.66

)

 

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