Earnings Per Share (Tables)

9 Months Ended

Sep. 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)

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, 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