Earnings Per Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share

Earnings Per Share

19. Earnings Per Share

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

	2022		2021		2020
Numerator:
Net earnings attributable to the Company	$	584	$	149	$	249
Denominator (in thousands):
Denominator for basic earnings per share-weighted average shares outstanding		155,309		157,150		156,806
Effect of dilutive securities:
Stock options and other		3,676		3,159		1,979
Denominator for diluted earnings per share-adjusted weighted average shares outstanding		158,985		160,309		158,785
Basic earnings per share:
Earnings from continuing operations	$	3.76	$	0.90	$	1.59
Gain from discontinued operations				0.05
Net earnings	$	3.76	$	0.95	$	1.59
Diluted earnings per share:
Earnings from continuing operations	$	3.67	$	0.88	$	1.57
Gain from discontinued operations				0.05
Net earnings	$	3.67	$	0.93	$	1.57

The diluted earnings per share computation for the years ended December 31, 2022, 2021, and 2020 excludes 786,032, 1,199,000 and 2,333,339 weighted average shares of common stock, respectively, due to their antidilutive effect, which includes options, unvested restricted stock units and performance vested restricted share units. Options were excluded because the exercise prices of the options were greater than the average market price of the shares of common stock.

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.