Net Income (Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Earnings per Share Basic and Diluted

The following table sets forth the computation of basic and diluted net income (loss) per share (in millions except per share amounts). An immaterial number of shares related to the Company's restricted stock units, stock warrants, and convertible notes were excluded from the denominator for the fiscal year ended December 31, 2020, because inclusion of such shares would be antidilutive.


	Year ended December 31,
		2021		2020		2019
NUMERATOR:
Net income (loss)		$	977	$	(3,074)	$	2,300



DENOMINATOR:
Weighted-average shares outstanding, basic		592		565		538
Dilutive effects of convertible notes (a)		15		—		—
Dilutive effects of stock warrants		1		—		—
Dilutive effect of restricted stock units		1		—		1

Adjusted weighted-average shares outstanding, diluted		609		565		539

NET INCOME (LOSS) PER SHARE:
Basic		$	1.65	$	(5.44)	$	4.28
Diluted		$	1.61	$	(5.44)	$	4.27

(a) Because the Company intends to settle conversions by paying cash up to the principal amount of the convertible notes, with any excess conversion value settled in cash or shares of common stock, the convertible notes are being accounted for using the treasury stock method for the purposes of Net income (loss) per share. Using this method, the denominator will be affected when the average share price of the Company's common stock for a given period is greater than the conversion price of approximately $38.48 per share, and the Company reports Net income for the given period. For the year ended December 31, 2021, the average market price of the Company's common stock exceeded this conversion price per share and as such, the common shares underlying the convertible notes were included in the diluted calculation. See Note 7 for further information on the convertible notes.