Earnings Per Share

9 Months Ended

Sep. 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 nine months ended September 30, 2022 and 2021.


	Three Months Ended September 30,				Nine Months Ended September 30,
($ and shares outstanding in millions, except per share amounts)	2022		2021		2022		2021
Basic EPS:
Numerator:
Net income(1)	$	150	$	99	$	274	$	101
Denominator:
Weighted average shares outstanding	120		108		121		93
Basic EPS	$	1.25	$	0.92	$	2.26	$	1.08
Diluted EPS:
Numerator:
Net income(1)	$	150	$	99	$	274	$	101
Denominator:
Weighted average shares outstanding	121		109		123		94
Diluted EPS	$	1.24	$	0.90	$	2.23	$	1.07

(1)Net income for the three months ended September 30, 2022 and 2021 was $149,767,212 and $98,704,709, respectively, and $273,567,561 and $100,634,069 for the nine months ended September 30, 2022 and 2021, respectively.


	Three Months Ended September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
Weighted average shares outstanding:
Basic EPS	119,564,760	107,688,389	121,308,912	92,944,812
Diluted EPS	121,064,107	109,138,778	122,942,279	94,162,838

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 nine months ended September 30, 2022, we excluded 846,369 and 736,581, respectively, and 512,371 and 631,738 for the three and nine months ended September 30, 2021, respectively, of share-based compensation awards, because their effect would have been anti-dilutive under the treasury stock method.