Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2021

Note 20: 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 years ended December 31, 2021, 2020, and 2019.


	Year Ended December 31,
($ and shares outstanding in millions, except per share amounts)	2021		2020			2019
Basic EPS:
Numerator:
Net income (loss)(1)	$	176	$	(201	)	$	216
Denominator:
Weighted average shares outstanding		100		85			89
Basic EPS	$	1.77	$	(2.36	)	$	2.43
Diluted EPS:
Numerator:
Net income (loss)(1)	$	176	$	(201	)	$	216
Denominator:
Weighted average shares outstanding		101		85			89
Diluted EPS	$	1.75	$	(2.36	)	$	2.42

(1)

Net income (loss) for years ended December 31, 2021, 2020, and 2019 were $176,426,924, ($200,709,244), and $215,695,961, respectively.


	Years ended December 31,
	2021		2020		2019
Weighted average shares outstanding:
Basic EPS		99,747,367		85,181,106		88,758,859
Diluted EPS		101,090,176		85,181,106		89,291,176

The dilutive effect of outstanding share-based compensation awards is reflected in diluted earnings per common share by application of the treasury stock method using average market prices during the period.

For the years ended December 31, 2021, 2020 and 2019, we excluded 651,748, 2,192,591 and 836,677 share-based compensation awards, respectively, because their effect would have been anti-dilutive under the treasury stock method.