Earnings per Share

6 Months Ended

Jun. 30, 2020

An economic interest in Partnership common equity is held by the holders of Class B exchangeable limited partnership units (the “Partnership exchangeable units”), which is reflected as a noncontrolling interest in our equity. See Note 12, Shareholders’ Equity.

Basic and diluted earnings per share is computed using the weighted average number of shares outstanding for the period. We apply the treasury stock method to determine the dilutive weighted average common shares represented by Partnership exchangeable units and outstanding equity awards, unless the effect of their inclusion is anti-dilutive. The diluted earnings per share calculation assumes conversion of 100% of the Partnership exchangeable units under the “if converted” method. Accordingly, the numerator is also adjusted to include the earnings allocated to the holders of noncontrolling interests.

The following table summarizes the basic and diluted earnings per share calculations (in millions, except per share amounts):


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
Numerator:
Net income attributable to common shareholders - basic	$	106	$	142	$	250	$	277
Add: Net income attributable to noncontrolling interests	57		115		137		226
Net income available to common shareholders and noncontrolling interests - diluted	$	163	$	257	$	387	$	503

Denominator:
Weighted average common shares - basic	301		255		300		254
Exchange of noncontrolling interests for common shares (Note 12)	164		207		165		207
Effect of other dilutive securities	4		7		4		7
Weighted average common shares - diluted	469		469		469		468

Basic earnings per share (a)	$	0.35	$	0.56	$	0.83	$	1.09
Diluted earnings per share (a)	$	0.35	$	0.55	$	0.83	$	1.07
Anti-dilutive securities outstanding	8		3		8		3

(a) Earnings per share may not recalculate exactly as it is calculated based on unrounded numbers.