Earnings per Common Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Earnings per Common Share

Earnings per Common Share

Basic earnings per share (“EPS”) is computed by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted EPS is similarly calculated, except that the common shares outstanding for the period is increased using the treasury stock method to reflect the potential dilution that could occur if outstanding stock awards were vested at the end of the applicable period. Anti-dilutive shares represent potentially dilutive securities that are excluded from the computation of diluted income or loss per share as their impact would be anti-dilutive.

The following is a calculation of basic and diluted earnings per share:

	Three Months Ended  September 30,				Nine Months Ended  September 30,
(In millions, except per share amounts)	2022		2021		2022		2021
Income (Numerator)
Net income	$	1,196	$	64	$	3,033	$	220
Less: dividends attributable to participating securities	(2)		—		(5)		—
Less: Cimarex redeemable preferred stock dividends	—		—		(1)		—
Net income available to common stockholders	$	1,194	$	64	$	3,027	$	220
Shares (Denominator)
Weighted-average shares - Basic	792		400		801		399
Dilution effect of stock awards at end of period	5		3		4		3
Weighted-average shares - Diluted	797		403		805		402
Earnings per share:
Basic	$	1.51	$	0.16	$	3.78	$	0.55
Diluted	$	1.50	$	0.16	$	3.77	$	0.55

The following is a calculation of weighted-average shares excluded from diluted EPS due to anti-dilutive effect:

	Three Months Ended  September 30,		Nine Months Ended  September 30,
(In millions)	2022	2021	2022	2021
Weighted-average stock awards excluded from diluted EPS due to the anti-dilutive effect calculated using the treasury stock method	1	—	1	1