Earnings Per Share

12 Months Ended

Dec. 31, 2019

Note 12: Earnings Per Share

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

	Year Ended December 31,
	2019			2018			2017
	(in millions, except per share amounts)
Numerator:
Net income attributable to stockholders⁽¹⁾	$	306		$	472		$	2,625
Earnings allocated to participating securities		(1	)		(2	)		(8	)
Net income attributable to stockholders, net of earnings allocated to participating securities	$	305		$	470		$	2,617
Denominator:
Weighted average shares outstanding – basic		212			203			211
Unvested restricted shares		1			1			—
Net effect of shares issued with respect to E&P Dividend⁽²⁾		—			—			3
Weighted average shares outstanding – diluted		213			204			214

Basic EPS⁽³⁾	$	1.44		$	2.32		$	12.38
Diluted EPS⁽³⁾	$	1.44		$	2.31		$	12.21

⁽¹⁾	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.

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

Certain of our outstanding equity awards were excluded from the above calculation of EPS for the years ended December 31, 2019, 2018 and 2017 because their effect would have been anti-dilutive.