Earnings Per Common Share

9 Months Ended

Sep. 30, 2020

10. Earnings Per Common Share

The calculation of earnings per common share was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(In millions, except share and per share data)
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	$	(3,012)	$	676	$	(60)	$	316

Weighted average common shares outstanding — basic	92,693,188		110,915,416		97,366,447		114,195,767
Dilutive effect of share-based awards	—		612,064		—		546,931
Weighted average common shares outstanding — diluted	92,693,188		111,527,480		97,366,447		114,742,698

Earnings per common share:
Basic	$	(32.49)	$	6.09	$	(0.61)	$	2.77
Diluted	$	(32.49)	$	6.06	$	(0.61)	$	2.75

For both the three months and nine months ended September 30, 2020, basic loss per common share equaled diluted loss per common share. The diluted shares were not utilized in the per share calculation for this period as the inclusion of such shares would have an antidilutive effect.

For both the three months and nine months ended September 30, 2019, weighted average shares used for calculating diluted earnings per common share excludes 196,492 of out-of-the-money stock options, as the inclusion of these shares would be antidilutive to the earnings per common share calculation due to the average share price for the three and nine months ended September 30, 2019.