Earnings per Share

3 Months Ended

Mar. 31, 2024

Basic earnings per share (“EPS”) is computed by dividing net income available to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted EPS is similarly calculated, except that the shares of common stock 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 share under the two-class method:


	Three Months Ended March 31,
(In millions, except per share amounts)		2024		2023

Income (Numerator)
Net income		$	352	$	677
Less: dividends attributable to participating securities		—		(2)

Net income available to common stockholders		$	352	$	675

Shares (Denominator)
Weighted average shares - Basic		750		764
Dilution effect of stock awards at end of period		5		4
Weighted average shares - Diluted		755		768

Earnings per share
Basic		$	0.47	$	0.88
Diluted		$	0.47	$	0.88

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


	Three Months Ended March 31,
(In millions)		2024	2023

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