Earnings Per Share (Notes)

12 Months Ended

Dec. 31, 2024

EARNINGS PER SHARE

Basic earnings per share is based on the weighted average number of shares of common stock outstanding. Diluted earnings per share is based upon the weighted average number of shares of common stock outstanding plus all potentially dilutive securities that were assumed to be converted into common shares at the beginning of the period under the treasury stock method. This method requires that the effect of potentially dilutive common stock equivalents (stock options, SSARs, restricted stock or units, and performance stock units) be excluded from the calculation of diluted earnings per share for the periods in which losses from continuing operations are reported because the effect is anti-dilutive.

The following table sets forth the computation of basic and diluted earnings per share (dollars and shares in millions):


	Year Ended December 31,
	2024		2023		2022
Income from continuing operations	$	420	$	178	$	885
Net loss attributed to non-controlling interest	—		—		3
Income attributed to LP from continuing operations	420		178		888
Income from discontinued operations, net of income taxes	—		—		198
Net income attributed to LP	$	420	$	178	$	1,086

Weighted average common shares outstanding - basic	71		72		78
Dilutive effect of employee stock plans	—		—		—
Shares used for diluted earnings per share	71		72		78

Net income attributed to LP per share - basic:
Continuing operations	$	5.91	$	2.47	$	11.40
Discontinued operations	—		—		2.54
Net income attributed to LP per share - basic	$	5.91	$	2.47	$	13.94

Net income attributed to LP per share – diluted:
Continuing operations	$	5.89	$	2.46	$	11.34
Discontinued operations	—		—		2.52
Net income attributed to LP per share - diluted	$	5.89	$	2.46	$	13.87