Earnings Per Share

9 Months Ended

Sep. 30, 2023

EARNINGS PER SHARE

The following table provides the computation of basic and diluted earnings per share on net income (in millions, except per share information):


	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
Earnings:
Net income (loss)	$	289	$	(75)	$	749	$	228
Less: Net income attributable to noncontrolling interest	2		1		5		2
Net income (loss) available to RGA, Inc. shareholders	$	287	$	(76)	$	744	$	226
Shares:
Weighted average outstanding shares	66		67		66		67
Equivalent shares from outstanding stock awards	1		1		1		1
Denominator for diluted calculation	67		68		67		68
Earnings per share:
Basic	$	4.34	$	(1.13)	$	11.19	$	3.38
Diluted	$	4.29	$	(1.13)	$	11.06	$	3.35

The calculation of common equivalent shares does not include the impact of stock awards with a conversion price that exceeds the average stock price for the earnings period as the result would be antidilutive. The calculation of common equivalent shares also excludes the impact of outstanding performance contingent awards as the conditions necessary for their issuance have not been satisfied as of the end of the reporting period.