Earnings per Share

6 Months Ended

Jun. 30, 2022

EARNINGS PER SHARE

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 (dollar amounts in millions, except per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Income from continuing operations	$	348	$	486	$	769	$	802
Net loss attributed to noncontrolling interest	—		—		1		1
Income from continuing operations attributed to LP	348		486		770		803
Income for discontinued operations, net of income taxes	37		11		99		14
Net income attributed to LP	$	384	$	498	$	868	$	818

Weighted average common shares outstanding - basic	81		101		83		103
Dilutive effect of employee stock plans	—		1		1		1
Shares used for diluted earnings per share	81		102		84		104
Net income attributed to LP per share - basic:
Continuing operations	$	4.30	$	4.82	$	9.25	$	7.76
Discontinued operations	0.46		0.11		1.18		0.14
Net income attributed to LP per share - basic	$	4.76	$	4.93	$	10.43	$	7.90

Net income attributed to LP per share – diluted:
Continuing operations	$	4.28	$	4.79	$	9.19	$	7.71
Discontinued operations	0.45		0.11		1.18		0.14
Net income attributed to LP per share - diluted	$	4.73	$	4.90	$	10.36	$	7.85