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Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2017
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 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.