Earnings Per Share

12 Months Ended

Dec. 31, 2020

Earnings Per Share

Earnings Per Share

19. Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share:

	2020		2019		2018
Numerator:
Net earnings (loss) attributable to the Company	$	249	$	(400)	$	257
Denominator (in thousands):
Denominator for basic earnings per share-weighted average shares outstanding		156,806		155,250		160,125
Effect of dilutive securities:
Stock options and other		1,979				1,963
Denominator for diluted earnings per share-adjusted weighted average shares outstanding		158,785		155,250		162,088
Basic earnings per share:
Earnings (loss) from continuing operations	$	1.59	$	(2.56)	$	0.90
Gain (loss) from discontinued operations				(0.02)		0.71
Net earnings (loss)	$	1.59	$	(2.58)	$	1.61
Diluted earnings per share:
Earnings (loss) from continuing operations	$	1.57	$	(2.56)	$	0.89
Gain (loss) from discontinued operations				(0.02)		0.70
Net earnings (loss)	$	1.57	$	(2.58)	$	1.59

Options to purchase 2,333,339, 2,086,004 and 1,726,275 weighted average shares of common stock which were outstanding during 2020, 2019, and 2018, respectively, were not included in the computation of diluted earnings per share because the options’ exercise price was greater than the average market price of the common shares. For the year ended December 31, 2019, diluted earnings per share of common stock was equal to basic earnings per share of common stock due to the loss from continuing operations.

On December 26 and 27, 2019, the Company implemented the Corporate Modernization, which involved a series of transactions, including the Merger. Upon the effectiveness of the Merger, each share of O-I stock held immediately prior to the Merger automatically converted into a right to receive an equivalent corresponding share of O-I Glass Common Stock, having the same designations, rights, powers and preferences and the qualifications, limitations, and restrictions as the corresponding share of O-I stock being converted.

In connection with the Merger and pursuant to the Merger Agreement, each option to purchase a share of O-I common stock, each award of restricted shares of O-I common stock, each award of time-based restricted stock units covering shares of O-I common stock, each award of performance-based restricted stock units covering shares of O-I common stock and each dividend equivalent covering one share of O-I common stock, in each case, that was outstanding immediately prior to the effective time of the Merger (collectively, the “Company Equity Awards”) was converted into an O-I Glass Equity Award. Each O-I Glass Equity Award continues to be subject to the same terms and conditions (including vesting schedule and performance, forfeiture and termination conditions) that applied to the corresponding Company Equity Award immediately prior to the effective time of the Merger.