Earnings Per Share

12 Months Ended

Dec. 31, 2023

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


	Year Ended December 31,
	2023		2022		2021

	(in millions, except per share amounts)
Numerator:
Net income (loss) attributable to stockholders	$	97	$	162	$	(459)
Earnings attributable to participating securities	(2)		—		—
Net income (loss) attributable to stockholders, net of earnings allocated to participating securities	$	95	$	162	$	(459)
Denominator:
Weighted average shares outstanding – basic	214		228		236
Unvested restricted shares	1		—		—
Weighted average shares outstanding – diluted	215		228		236

Earnings (loss) per share – Basic(1)	$	0.44	$	0.71	$	(1.95)
Earnings (loss) per share – Diluted(1)	$	0.44	$	0.71	$	(1.95)

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(1)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 years ended December 31, 2023, 2022 and 2021 because their effect would have been anti-dilutive.