Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2018

Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract]

Reconciliation of basic EPS and diluted EPS

A reconciliation of basic EPS and diluted EPS is as follows:

	Three Months Ended June 30,					Six Months Ended June 30,
	2018			2017		2018		2017
	(in millions, except per share data)
Net income (loss) available to common stockholders	$	(40	)	$	470	$	228	$	547
Effect of dilutive securities	—			59		—		72
Diluted income (loss) available to common stockholders	$	(40	)	$	529	$	228	$	619
Weighted average common and common equivalent shares outstanding - basic	909			908		908		907
Effect of dilutive securities	—			206		—		146
Weighted average common and common equivalent shares outstanding - diluted	909			1,114		908		1,053
Net income per share attributable to Chesapeake:
Basic	$	(0.04	)	$	0.52	$	0.25	$	0.60
Diluted	$	(0.04	)	$	0.47	$	0.25	$	0.59
Shares of common stock for the following securities were excluded from the calculation of diluted EPS as the effect was antidilutive:
Common stock equivalent of our preferred stock outstanding	60			—		60		60
Common stock equivalent of our convertible senior notes outstanding	146			—		146		—
Common stock equivalent of our preferred stock outstanding prior to exchange	—			—		—		1
Participating securities	1			1		1		1

Reconciliation of basic EPS and diluted EPS

A reconciliation of basic EPS and diluted EPS is as follows:

	Three Months Ended June 30,					Six Months Ended June 30,
	2018			2017		2018		2017
	(in millions, except per share data)
Net income (loss) available to common stockholders	$	(40	)	$	470	$	228	$	547
Effect of dilutive securities	—			59		—		72
Diluted income (loss) available to common stockholders	$	(40	)	$	529	$	228	$	619
Weighted average common and common equivalent shares outstanding - basic	909			908		908		907
Effect of dilutive securities	—			206		—		146
Weighted average common and common equivalent shares outstanding - diluted	909			1,114		908		1,053
Net income per share attributable to Chesapeake:
Basic	$	(0.04	)	$	0.52	$	0.25	$	0.60
Diluted	$	(0.04	)	$	0.47	$	0.25	$	0.59
Shares of common stock for the following securities were excluded from the calculation of diluted EPS as the effect was antidilutive:
Common stock equivalent of our preferred stock outstanding	60			—		60		60
Common stock equivalent of our convertible senior notes outstanding	146			—		146		—
Common stock equivalent of our preferred stock outstanding prior to exchange	—			—		—		1
Participating securities	1			1		1		1