Earnings per Share (Tables) (Tables)

9 Months Ended

Sep. 30, 2021

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

Basic earnings per share is based upon 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, stock-settled appreciation rights (SSARs), restricted stock units, and performance stock units) be excluded from the calculation of diluted earnings per share for the periods in which losses are reported because the effect is anti-dilutive.

The following table sets forth the computation of basic and diluted earnings per share (in millions, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Net income attributed to LP
Weighted average common shares outstanding - basic	94		112		100		112
Dilutive effect of employee stock plans	—		1		1		1
Shares used for diluted earnings per share	94		113		101		113
Earnings per share:
Basic earnings	$	3.90	$	1.58	$	11.81	$	2.16
Diluted earnings	$	3.87	$	1.57	$	11.73	$	2.15