Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2022

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 months ended March 31, 2022 and 2021.


	Three Months Ended March 31,
($ and shares outstanding in millions, except per share amounts)	2022		2021
Basic EPS:
Numerator:
Net income (loss)(1)	$	51	$	(7	)
Denominator:
Weighted average shares outstanding		120		85
Basic EPS	$	0.42	$	(0.08	)
Diluted EPS:
Numerator:
Net income (loss)(1)	$	51	$	(7	)
Denominator:
Weighted average shares outstanding		122		85
Diluted EPS	$	0.42	$	(0.08	)

(1) Net income (loss) for the three months ended March 31, 2022 and 2021 was $50,768,844 and $(6,771,415), respectively.


	Three months ended March 31,
	2022		2021
Weighted average shares outstanding:
Basic EPS		119,980,766		85,307,705
Diluted EPS		121,844,837		85,307,705

For the three months ended March 31, 2022 and 2021, we excluded 338,109 and 638,050, 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 943,373 were excluded from the calculation of diluted weighted average shares outstanding and diluted earnings per share three months ended March 31, 2021 because their effect would have been anti-dilutive under the treasury stock method.