Earnings per Common Share

6 Months Ended

Jun. 30, 2023

Basic earnings per share (“EPS”) is computed by dividing net income available to common stockholders 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 and as-if converted methods to reflect the potential dilution that could occur if outstanding stock awards were vested or exercised 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 under the two-class method:


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions, except per share amounts)	2023		2022		2023		2022

Income (Numerator)
Net income	$	209	$	1,229	$	886	$	1,837
Less: dividends attributable to participating securities	(1)		(1)		(3)		(3)
Less: Cimarex redeemable preferred stock dividends	—		—		—		(1)
Net income available to common stockholders	$	208	$	1,228	$	883	$	1,833

Shares (Denominator)
Weighted average shares - Basic	755		803		760		806
Dilution effect of stock awards at end of period	5		5		4		3
Weighted average shares - Diluted	760		808		764		809

Earnings per share:
Basic	$	0.28	$	1.53	$	1.16	$	2.28
Diluted	$	0.27	$	1.52	$	1.16	$	2.27

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


	Three Months Ended June 30,		Six Months Ended June 30,
(In millions)	2023	2022	2023	2022

Weighted-average stock awards excluded from diluted EPS due to the anti-dilutive effect calculated using the treasury stock method	—	—	1	1