Earnings per Common Share

12 Months Ended

Dec. 31, 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 net earnings per common share under the two-class method:


	Year Ended December 31,
(In millions except per share amounts)	2023		2022		2021

Income (Numerator)
Net income	$	1,625	$	4,065	$	1,158
Less: dividends attributable to participating securities	(5)		(7)		(2)
Less: Cimarex redeemable preferred stock dividends	—		(1)		(1)
Net income available to common stockholders	$	1,620	$	4,057	$	1,155

Shares (Denominator)
Weighted average shares - Basic	756		796		503
Dilution effect of stock awards at end of period	4		3		1
Weighted average shares - Diluted	760		799		504

Earnings per share:
Basic	$	2.14	$	5.09	$	2.30
Diluted	$	2.13	$	5.08	$	2.29

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


	Year Ended December 31,
(In millions)	2023	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