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Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2019
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,

 

 

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.