Earnings Per Share

3 Months Ended

Mar. 31, 2020

EARNINGS PER SHARE

Basic earnings per common share is computed by dividing net income attributable to common stock by the weighted average number of common shares outstanding during the reportable period. The diluted earnings per share calculation adds to the weighted average number of common shares outstanding: the incremental shares that would have been outstanding assuming the exercise of dilutive stock options, the vesting of unvested restricted shares of common stock, performance units and the assumed conversion of mandatory convertible preferred stock. An antidilutive impact is an increase in earnings per share or a reduction in net loss per share resulting from the conversion, exercise or contingent issuance of certain securities.

In the first quarter of 2019, the Company repurchased 5,260,687 shares of its outstanding common stock as part of a share repurchase program for approximately $21 million at an average price of $3.84 per share.

The following table presents the computation of earnings per share for the three months ended March 31, 2020 and 2019:


	For the three months ended March 31,
(in millions, except share/per share amounts)	2020		2019
Net income (loss)	$	(1,547)	$	594

Number of common shares:
Weighted average outstanding	540,308,491		539,721,751
Issued upon assumed exercise of outstanding stock options	—		—
Effect of issuance of non-vested restricted common stock	—		665,435
Effect of issuance of non-vested restricted units	—		—
Effect of issuance of non-vested performance units	—		933,301
Weighted average and potential dilutive outstanding	540,308,491		541,320,487

Earnings per common share
Basic	$	(2.86)	$	1.10
Diluted	$	(2.86)	$	1.10

The following table presents the common stock shares equivalent excluded from the calculation of diluted earnings per share for the three months ended March 31, 2020 and 2019, as they would have had an antidilutive effect:


	For the three months ended March 31,
	2020	2019
Unexercised stock options	4,584,563	5,128,640
Unvested share-based payment	1,006,860	1,881,355
Restricted stock units	1,312,293	—
Performance units	2,275,498	260,201
Total	9,179,214	7,270,196