Net income is allocated between the Company’s common shares and other participating securities based on their participation rights. The Series A Preferred Stock and Series B Preferred Stock represent participating securities. Earnings attributable to Series A Preferred Stock and Series B Preferred Stock are not included in earnings attributable to common shares in calculating earnings per common share (the two-class method). For periods of net loss, there is no impact from the two-class method on earnings (loss) per share (“EPS”) as net loss is allocated to common shares because Series A Preferred Stock and Series B Preferred Stock are not contractually obligated to share the loss.

The following table sets forth the computation of earnings (loss) per common share using the two-class method. The dilutive effect of outstanding Series A Preferred Stock, the Series B Preferred Stock, the Series A Preferred Stock dividend, and the Series B Preferred Stock Dividend is reflected in diluted EPS using the if-converted method, and options, and restricted and performance shares are reflected using the treasury stock method. For periods of net loss, basic and diluted EPS are the same, as the assumed exercise of Series A Preferred Stock, Series B Preferred Stock, restricted and performance shares, and stock options are anti-dilutive (amounts in millions, except share and per share amounts):


	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Basic earnings (loss) per common share:
Net income (loss)	$	30		$	21		$	23		$	13
Less income attributable to Series A Preferred Stock		(2	)		(3	)		—			(2	)
Less income attributable to Series B Preferred Stock		(2	)		—			—
Less stock dividend attributable to Series B Preferred Stock		(11	)		—			(22	)		—
Net income (loss) attributable to common shareholders - basic	$	15		$	18		$	1		$	11

Weighted average shares outstanding - basic (1)		233,104,873			201,281,939			232,670,986			196,782,691
Income (loss) per common share - basic	$	0.06		$	0.09		$	0.01		$	0.06

Diluted earnings (loss) per common share:
Net income (loss)	$	30		$	21		$	23		$	13
Less income attributable to Series A Preferred Stock		(2	)		(3	)		—			(2	)
Less income attributable to Series B Preferred Stock		—			—			—
Less stock dividend attributable to Series B Preferred Stock		(11	)		—			(22	)		—
Net income (loss) attributable to common shareholders - diluted	$	17		$	18		$	1		$	11

Weighted average shares outstanding - basic		233,104,873			201,281,939			232,670,986			196,782,691
Dilutive securities:
RSUs, PSUs, and stock options (1)		297,797			660,735			367,863			2,302,651
Shares issuable upon conversion of Series B Preferred Stock		32,520,000			—			32,520,000			—
Shares issuable pursuant to the annual Series A Preferred Stock dividend (2)		—			4,435,765			—			3,409,844
Weighted average shares outstanding - diluted		265,922,670			206,378,439			265,558,849			202,495,186
Income (loss) per common share - diluted	$	0.06		$	0.09		$	0.01		$	0.06

(1)

For all periods presented, 4,000,000 shares of Series A Preferred Stock, which are convertible to the same number of common shares, have been excluded from the calculation of diluted shares, as their inclusion would be anti-dilutive.

(2)

For the three and six months ended June 30, 2021, dilutive securities include common share equivalents which represent the annual dividend, payable in common shares, that Series A Preferred Shares would be entitled to receive assuming that the volume weighted average price of the Company’s common shares for the last ten trading days of the period would be the same average price during the last ten trading days of the calendar year. The holders of the Series A Preferred Stock are entitled to receive an annual dividend based on the increase in the market price of the Company’s common stock (the "Annual Dividend Amount"). The Annual Dividend Amount is equal to 20% of the increase in the volume-weighted average market price per share of the Company’s common shares for the last ten trading days of the calendar year, multiplied by 141,194,638 shares. During 2021, the Annual Dividend Amount was calculated based on the appreciation of the Company’s share price over the highest previously used share price of $17.8829.