Earnings per share

9 Months Ended

Sep. 30, 2017



	Three Months Ended					Nine Months Ended
	September 30					September 30
(in millions of U.S. dollars, except share and per share data)	2017			2016		2017		2016
Numerator:
Net income (loss)	$	(70	)	$	1,360	$	2,328	$	2,525
Denominator:
Denominator for basic earnings per share:
Weighted-average shares outstanding	466,370,784			468,021,093		467,658,334		460,631,794
Denominator for diluted earnings per share:
Share-based compensation plans	—			3,375,269		3,961,572		3,439,017
Weighted-average shares outstanding and assumed conversions	466,370,784			471,396,362		471,619,906		464,070,811
Basic earnings (loss) per share	$	(0.15	)	$	2.90	$	4.98	$	5.48
Diluted earnings (loss) per share	$	(0.15	)	$	2.88	$	4.94	$	5.44
Potential anti-dilutive share conversions	2,045,829			1,306,710		1,673,777		1,635,337

Excluded from weighted-average shares outstanding and assumed conversions is the impact of securities that would have been anti-dilutive during the respective periods. In addition, for the three months ended September 30, 2017, weighted-average shares outstanding used in calculating diluted loss per share excludes the effect of dilutive securities of 3,820,673 shares. In periods where a net loss is recognized, inclusion of incremental dilution is antidilutive.