Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2021

Note 18: Earnings (Loss) Per Share

The following tables below present the calculation of our basic and diluted earnings (loss) per share (“EPS”) and the corresponding weighted average shares outstanding referenced in these calculations for the three and nine months ended September 30, 2021 and 2020.


	Three Months Ended September 30,					Nine Months Ended September 30,
($ and shares outstanding in millions, except per share amounts)	2021		2020			2021		2020
Basic EPS:
Numerator:
Net income (loss)(1)	$	99	$	(7	)	$	101	$	(47	)
Denominator:
Weighted average shares outstanding		108		85			93		85
Basic EPS	$	0.92	$	(0.08	)	$	1.08	$	(0.55	)
Diluted EPS:
Numerator:
Net income (loss)(1)	$	99	$	(7	)	$	101	$	(47	)
Denominator:
Weighted average shares outstanding		109		85			94		85
Diluted EPS	$	0.90	$	(0.08	)	$	1.07	$	(0.55	)

(1) Net income (loss) for the three months ended September 30, 2021 and 2020 was $98,704,709 and $(6,846,654), respectively, and $100,634,069 and

$(46,771,239) for the nine months ended September 30, 2021 and 2020, respectively.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Weighted average shares outstanding:
Basic EPS		107,688,389		85,082,124		92,944,812		85,198,910
Diluted EPS		109,138,778		85,082,124		94,162,838		85,198,910

For the three and nine months ended September 30, 2021, we excluded 512,371 and 631,738, respectively, and for the three and nine months ended September 30, 2020, we excluded 2,816,707 and 2,506,497, respectively, of share-based compensation awards because their effect would have been anti-dilutive under the treasury stock method.

The dilutive effect of outstanding share-based compensation awards is reflected in diluted earnings (loss) per common share by application of the treasury stock method using average market prices during the period. Potentially dilutive shares of 308,441 and 332,883 for the three and nine months ended September 30, 2020, respectively, were excluded from the calculation of diluted weighted average shares outstanding and diluted earnings per share as a result of our net loss position.