Earnings per share

6 Months Ended

Jun. 30, 2020


	Three Months Ended						Six Months Ended
	June 30						June 30
(in millions of U.S. dollars, except share and per share data)	2020		2019		2020		2019
Numerator:
Net income (loss)	$	(331)	$	1,150	$	(79)	$	2,190
Denominator:
Denominator for basic earnings per share:
Weighted-average shares outstanding	451,402,807		457,224,455		451,635,733		458,010,447
Denominator for diluted earnings per share:
Share-based compensation plans ⁽¹⁾	—		2,945,237		—		2,863,109
Weighted-average shares outstanding and assumed conversions	451,402,807		460,169,692		451,635,733		460,873,556
Basic earnings (loss) per share	$	(0.73)	$	2.52	$	(0.17)	$	4.78
Diluted earnings (loss) per share	$	(0.73)	$	2.50	$	(0.17)	$	4.75
Potential anti-dilutive share conversions	8,378,447		2,660,925		6,583,319		5,037,959

⁽¹⁾For the three and six months ended June 30, 2020, weighted-average shares outstanding used in calculating diluted loss per share excludes the effect of dilutive securities of 1,395,951 and 2,044,144 shares, respectively. In periods where a net loss is recognized, inclusion of incremental dilution is antidilutive.

Excluded from weighted-average shares outstanding and assumed conversions is the impact of securities that would have been anti-dilutive during the respective periods.