EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2024

Basic earnings per common share is computed by dividing net income (loss) 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, 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.

The following table presents the computation of earnings per share for the three months ended March 31, 2024 and 2023:


	For the three months ended March 31,
(in millions, except share/per share amounts)	2024		2023
Net income (loss)	$	(1,535)	$	1,939

Number of common shares:
Weighted average outstanding	1,101,824,856		1,100,278,261

Effect of issuance of non-vested restricted common stock	—		790,131
Effect of issuance of non-vested restricted units	—		1,328,244

Weighted average and dilutive outstanding	1,101,824,856		1,102,396,636

Earnings (loss) per common share
Basic	$	(1.39)	$	1.76
Diluted	$	(1.39)	$	1.76

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, 2024 and 2023, as they would have had an antidilutive effect:


	For the three months ended March 31,
	2024	2023
Unexercised stock options	459,638	866,318
Unvested restricted common stock	977,979	—
Restricted units	3,490,947	1,914,812
Performance units	554,248	326,088
Total	5,482,812	3,107,218