Earnings per Share

9 Months Ended

Sep. 30, 2023

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, stock-settled appreciation rights, restricted stock 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 (dollar and share amounts in millions, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Income from continuing operations	$	118	$	129	$	119	$	898
Net loss attributed to non-controlling interest	—		—		—		1
Income attributed to LP from continuing operations	118		129		119		898
Income from discontinued operations, net of income taxes	—		97		—		196
Net income attributed to LP	$	118	$	226	$	119	$	1,094

Weighted average common shares outstanding - basic	72		74		72		80
Dilutive effect of employee stock plans	—		—		—		1
Shares used for diluted earnings per share	72		74		72		80

Net income attributed to LP per share - basic:
Continuing operations	$	1.63	$	1.75	$	1.65	$	11.23
Discontinued operations	—		1.32		—		2.45
Net income attributed to LP per share - basic	$	1.63	$	3.07	$	1.65	$	13.67

Net income attributed to LP per share - diluted:
Continuing operations	$	1.63	$	1.74	$	1.65	$	11.16
Discontinued operations	—		1.31		—		2.43
Net income attributed to LP per share - diluted	$	1.63	$	3.05	$	1.65	$	13.59