EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2023

Basic earnings per common share is computed by dividing net income (loss) 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, restricted stock units and performance units. 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 June 2022, the Company repurchased approximately 2.8 million shares of its outstanding common stock pursuant to a previously announced share repurchase program at an average price of $7.10 per share for a total cost of approximately $20 million.

The following table presents the computation of earnings per share for the three and six months ended June 30, 2023 and 2022:


	For the three months ended June 30,				For the six months ended June 30,
(in millions, except share/per share amounts)	2023		2022		2023		2022
Net income (loss)	$	231	$	1,173	$	2,170	$	(1,502)

Number of common shares:
Weighted average outstanding	1,101,167,082		1,116,175,758		1,100,725,127		1,115,456,855
Issued upon assumed exercise of outstanding stock options	—		—		—		—
Effect of issuance of non-vested restricted common stock	834,120		755,235		812,008		—
Effect of issuance of non-vested restricted units	723,580		1,226,632		950,178		—
Effect of issuance of non-vested performance units	—		87,153		—		—
Weighted average and potential dilutive outstanding	1,102,724,782		1,118,244,778		1,102,487,313		1,115,456,855

Earnings (loss) per common share
Basic	$	0.21	$	1.05	$	1.97	$	(1.35)
Diluted	$	0.21	$	1.05	$	1.97	$	(1.35)

The following table presents the common stock shares equivalent excluded from the calculation of diluted earnings per share for the three and six months ended June 30, 2023 and 2022, as they would have had an antidilutive effect:


	For the three months ended June 30,		For the six months ended June 30,
	2023	2022	2023	2022
Unexercised stock options	820,138	2,502,614	843,100	2,724,319
Unvested restricted common stock	66,970	40,971	33,670	783,729
Restricted units	1,403,519	786,061	2,191,937	2,127,795
Performance units	752,512	—	540,478	1,223,158
Total	3,043,139	3,329,646	3,609,185	6,859,001