Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2019

The following table presents the computation of earnings per share for the three and nine months ended September 30, 2019 and 2018:


	For the three months ended September 30,						For the nine months ended September 30,
(in millions, except share/per share amounts)	2019		2018		2019		2018
Net income (loss)	$	49	$	(29)	$	781	$	230
Participating securities – mandatory convertible preferred stock	—		—		—		1
Net income (loss) attributable to common stock	$	49	$	(29)	$	781	$	229

Number of common shares:
Weighted average outstanding	539,221,101		581,171,753		539,315,170		577,912,421
Issued upon assumed exercise of outstanding stock options	—		—		—		—
Effect of issuance of non-vested restricted common stock	187,706		—		400,120		640,365
Effect of issuance of non-vested performance units	629,380		—		727,359		1,276,072
Weighted average and potential dilutive outstanding	540,038,187		581,171,753		540,442,649		579,828,858

Earnings per common share
Basic	$	0.09	$	(0.05)	$	1.45	$	0.40
Diluted	$	0.09	$	(0.05)	$	1.44	$	0.39

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table presents the common stock shares equivalent excluded from the calculation of diluted earnings per share for the three and nine months ended September 30, 2019 and 2018, as they would have had an antidilutive effect:


	For the three months ended September 30,			For the nine months ended September 30,
	2019	2018	2019	2018
Unexercised stock options	5,102,882	717	5,115,334	—
Unvested share-based payment	2,136,453	3,463,802	1,797,963	4,246,492
Performance units	240,450	2,000,553	247,443	856,703
Mandatory convertible preferred stock	—	—	—	3,296,642
Total	7,479,785	5,465,072	7,160,740	8,399,837