Note 13: Earnings Per Share

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

	Year Ended December 31,
	2017			2016⁽¹⁾		2015⁽¹⁾
	(in millions, except per share amounts)
Numerator:
Net income attributable to stockholders⁽²⁾	$	2,625		$	133	$	292
Earnings allocated to participating securities		(8	)		—		—
Net income attributable to stockholders net of earnings allocated to participating securities	$	2,617		$	133	$	292
Denominator:
Weighted average shares outstanding - basic		211			198		198
Net effect of shares issued with respect to E&P Dividend⁽³⁾		3			—		—
Weighted average shares outstanding - diluted		214			198		198

Basic EPS⁽⁴⁾	$	12.38		$	0.67	$	1.48
Diluted EPS⁽⁴⁾	$	12.21		$	0.67	$	1.48

⁽¹⁾	For 2016 and 2015, 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⁾	Includes the derecognition and remeasurement of deferred tax assets and liabilities for the year ended December 31, 2017 of $2,347 million associated with our intent to be taxed as a REIT.

⁽³⁾	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”).

⁽⁴⁾	Per share amounts are calculated based on unrounded numbers and are calculated independently for each period presented.

Certain of our outstanding equity awards were excluded from the above calculation of EPS for the year ended December 31, 2017 because their effect would have been anti-dilutive.