EARNINGS PER SHARE

9 Months Ended

Sep. 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.

During the three months ended September 30, 2022, the Company repurchased approximately 10.8 million shares of its outstanding common stock pursuant to a previously announced share repurchase program at an average price of $7.41 per share for a total cost of approximately $80 million. During the nine months ended September 30, 2022, the Company repurchased approximately 13.6 million shares at an average price of $7.35 per share for a total cost of approximately $100 million. We did not repurchase any shares during the three or nine months ended September 30, 2023.

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


	For the three months ended September 30,				For the nine months ended September 30,
(in millions, except share/per share amounts)	2023		2022		2023		2022
Net income (loss)	$	45	$	450	$	2,215	$	(1,052)

Number of common shares:
Weighted average outstanding	1,101,231,113		1,110,259,907		1,100,895,642		1,113,705,502
Issued upon assumed exercise of outstanding stock options	—		—		—		—
Effect of issuance of non-vested restricted common stock	932,868		796,253		839,031		—
Effect of issuance of non-vested restricted units	1,689,617		1,466,701		1,133,002		—
Effect of issuance of non-vested performance units	174,036		—		—		—
Weighted average and dilutive outstanding	1,104,027,634		1,112,522,861		1,102,867,675		1,113,705,502

Earnings (loss) per common share
Basic	$	0.04	$	0.41	$	2.01	$	(0.94)
Diluted	$	0.04	$	0.40	$	2.01	$	(0.94)

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, 2023 and 2022, as they would have had an antidilutive effect:


	For the three months ended September 30,		For the nine months ended September 30,
	2023	2022	2023	2022
Unexercised stock options	820,138	1,961,128	835,362	2,467,127
Unvested restricted common stock	—	—	54,989	810,025
Restricted units	224,726	790,182	652,089	1,503,049
Performance units	—	—	764,916	474,093
Total	1,044,864	2,751,310	2,307,356	5,254,294