Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2022

The following tables present the calculation of our basic and diluted EPS and the corresponding weighted average shares outstanding referenced in these calculations for the years ended December 31, 2022, 2021, and 2020.


	Year Ended December 31,
($ and shares outstanding in millions, except per share amounts)	2022		2021		2020
Basic EPS:
Numerator:
Net income (loss)	$	352	$	176	$	(201)
Denominator:
Weighted average shares outstanding	118		100		85
Basic EPS(1)	$	2.98	$	1.77	$	(2.36)
Diluted EPS:
Numerator:
Net income (loss)	$	352	$	176	$	(201)
Denominator:
Weighted average shares outstanding	120		101		85
Diluted EPS(1)	$	2.93	$	1.75	$	(2.36)

(1)Earnings per share amounts are calculated using whole numbers.

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, 2022, 2021 and 2020, we excluded 759,627, 651,748 and 2,192,591 of share-based compensation awards, respectively, because their effect would have been anti-dilutive under the treasury stock method.

Share Repurchases

On May 4, 2022, our Board of Directors approved a share repurchase program authorizing us to repurchase up to an aggregate of $500 million of our outstanding shares of common stock over a two-year period through any combination of open market repurchases, accelerated share repurchases or privately negotiated transactions. The timing and actual number of shares repurchased will depend on a variety of factors, including the stock price, corporate and regulatory requirements and other market and economic conditions. The shares are retired upon repurchase. The stock repurchase program may be suspended or discontinued at any time and will automatically expire at the end of the two-year term. As of December 31, 2022, $228 million remains available to be repurchased under the share repurchase program.

The following table summarizes stock repurchase activity under the share repurchase program as of December 31, 2022:


(in millions)	Shares	Cost
As of December 31, 2021	—	$	—
Repurchases	7	272
As of December 31, 2022	7	$	272