Net Earnings (Loss) per Share

12 Months Ended

Dec. 31, 2023

Basic and diluted earnings (loss) per share are computed pursuant to the two-class method. Under the two-class method, the Company attributes net income to common stock and other participating rights (including those with vested share-based awards). Basic net earnings per share is calculated by taking net income, less earnings allocated to participating rights, divided by the basic weighted-average common stock outstanding. Net loss per share is calculated by taking net loss divided by basic weighted-average common stock outstanding as participating rights do not share in losses. In accordance with the two-class method, diluted net earnings per share is calculated using the more dilutive impact of the treasury-stock method or from reducing net income for the earnings allocated to participating rights.

The following table sets forth the computation of net earnings (loss) per share on a basic and diluted basis pursuant to the two-class method for the periods indicated (in millions, except for share and per share amounts):


	Year Ended December 31,
	2023		2022		2021
Basic:
Net income (loss)	$	(11)	$	(37)	$	(102)
Less: net income attributable to participating rights	—		—		—
Net income (loss) attributable to common stockholders	$	(11)	$	(37)	$	(102)
Weighted-average common shares outstanding, basic	220,097,989		217,601,373		211,436,542
Net earnings (loss) per share, basic	$	(0.05)	$	(0.17)	$	(0.48)
Diluted:
Net income (loss)	$	(11)	$	(37)	$	(102)
Less: net income attributable to participating rights	—		—		—
Net income (loss) attributable to common stockholders	$	(11)	$	(37)	$	(102)
Weighted-average common shares outstanding, basic	220,097,989		217,601,373		211,436,542
Effect of dilutive potential common shares	—		—		—
Weighted-average common shares outstanding, diluted	220,097,989		217,601,373		211,436,542
Net earnings (loss) per share, diluted	$	(0.05)	$	(0.17)	$	(0.48)

Due to the net loss for the years ended December 31, 2023, 2022 and 2021, diluted weighted-average shares outstanding are equal to basic weighted-average shares outstanding because the effect of all equity awards is anti-dilutive.