Net Income Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

NET INCOME PER SHARE

NET INCOME PER SHARE

The following table sets forth the computation of basic and diluted net income per share (in millions, except per share amounts). Basic net income per share is calculated by dividing net income by the weighted average of shares outstanding during the period. Diluted net income per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. The Company paid approximately $6 million during June 2024 to repurchase and cancel its outstanding stock warrants, previously issued in connection with the Payroll Support Program.

	Three months ended September 30,					Nine months ended September 30,
	2024			2023		2024		2023
NUMERATOR:
Net income	$	67		$	193	$	204	$	717
Add: Interest expense	—		(a)	5		15		15
Net income attributable to common stockholders	$	67		$	198	$	219	$	732
DENOMINATOR:
Weighted-average shares outstanding, basic	599			596		598		595
Dilutive effects of Convertible Notes	—			42		43		42
Dilutive effect of restricted stock units	2			2		2		2
Adjusted weighted-average shares outstanding, diluted	601			640		643		639
NET INCOME PER SHARE:
Basic	$	0.11		$	0.32	$	0.34	$	1.20
Diluted	$	0.11		$	0.31	$	0.34	$	1.15
Antidilutive amounts excluded from calculations:
Convertible debt	44			—		—		—
Restricted stock units	—			1		1		1

(a) For the three months ended September 30, 2024, Interest expense is not added back to the numerator due to the Convertible Notes being anti-dilutive.