Earnings Per Share

6 Months Ended

Jun. 30, 2022

The following tables present the calculation of our basic and diluted earnings per share (“EPS”) and the corresponding weighted average shares outstanding referenced in these calculations for the three and six months ended June 30, 2022 and 2021.


	Three Months Ended June 30,				Six Months Ended June 30,
($ and shares outstanding in millions, except per share amounts)	2022		2021		2022		2021
Basic EPS:
Numerator:
Net income(1)	$	73	$	9	$	124	$	2
Denominator:
Weighted average shares outstanding	121		86		120		85
Basic EPS	$	0.60	$	0.10	$	1.03	$	0.02
Diluted EPS:
Numerator:
Net income(1)	$	73	$	9	$	124	$	2
Denominator:
Weighted average shares outstanding	122		87		122		87
Diluted EPS	$	0.60	$	0.10	$	1.01	$	0.02

(1)Net income for the three months ended June 30, 2022 and 2021 was $72,931,504 and $8,700,776, respectively, and $123,700,348 and $1,929,361 for the six months ended June 30, 2022 and 2021, respectively.


	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021	2022	2021
Weighted average shares outstanding:
Basic EPS	120,810,928	85,650,144	120,398,023	85,479,870
Diluted EPS	122,308,996	86,838,601	122,095,808	86,539,505

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 three and six months ended June 30, 2022, we excluded 839,347 and 485,808, respectively, and 788,168 and 568,891 for the three and six months ended June 30, 2021, respectively, of share-based compensation awards, because their effect would have been anti-dilutive under the treasury stock method.