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Earnings Per Share (Tables)
 9 Months Ended
Sep. 30, 2018
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,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

 

 

(in millions, except per share amounts)

 

 

(in millions, except per share amounts)

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to stockholders

 

$

52

 

 

$

103

 

 

$

418

 

 

$

2,565

 

Earnings allocated to participating securities

 

 

—

 

 

 

(1

)

 

 

(1

)

 

 

(7

)

Net income attributable to stockholders net of earnings

   allocated to participating securities

 

$

52

 

 

$

102

 

 

$

417

 

 

$

2,558

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding - basic

 

 

200

 

 

 

214

 

 

 

204

 

 

 

210

 

Unvested restricted shares

 

 

1

 

 

 

1

 

 

 

1

 

 

 

—

 

Net effect of shares issued with respect to E&P Dividend(1)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4

 

Weighted average shares outstanding - diluted

 

 

201

 

 

 

215

 

 

 

205

 

 

 

214

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic EPS(2)

 

$

0.26

 

 

$

0.48

 

 

$

2.04

 

 

$

12.16

 

Diluted EPS(2)

 

$

0.26

 

 

$

0.48

 

 

$

2.04

 

 

$

11.94

 

 

(1)

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”).

(2)

Per share amounts are calculated based on unrounded numbers and are calculated independently for each period presented; therefore, the sum of the quarterly EPS does not equal the EPS for the nine months.