Earnings Per Share

3 Months Ended

Mar. 31, 2017

Note 9: Earnings Per Share

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

	Three Months Ended March 31,
	2017		2016⁽¹⁾
	(in millions, except per share amounts)
Weighted average shares outstanding - basic		202		198
Net effect of shares issued with respect to E&P Dividend⁽²⁾		11		—
Weighted average shares outstanding - diluted		213		198

Net income attributable to stockholders⁽³⁾	$	2,350	$	22
Basic EPS⁽⁴⁾	$	11.65	$	0.11
Diluted EPS⁽⁴⁾	$	11.02	$	0.11

⁽¹⁾	For 2016, basic and diluted earnings per share were calculated using the number of shares of common stock outstanding upon the completion of the spin-off.

⁽²⁾	Shares issued in connection with the distribution of our C corporation earnings and profits attributable to the period prior to spin-off (“E&P Dividend”).

⁽³⁾	Includes the derecognition of approximately $2.3 billion of deferred tax liabilities during the three months ended March 31, 2017.

⁽⁴⁾	Per share amounts are calculated based on unrounded numbers.

For the three months ended March 31, 2017, the number of outstanding equity awards that were excluded from the weighted average shares outstanding in the computation of diluted EPS was 91,687 because their effect would have been anti-dilutive under the treasury stock method.