XML 54 R40.htm IDEA: XBRL DOCUMENT v3.8.0.1
Earnings Per Share (Tables)
 12 Months Ended
Dec. 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”):

 

 

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.