Earnings Per Share

12 Months Ended

Dec. 31, 2020

Earnings Per Share Basic net earnings per share is calculated by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing net income by the weighted average number of shares assuming dilution. Dilutive common shares outstanding is computed using the Treasury Stock method and, in periods of

income, reflects the additional shares that would be outstanding if dilutive stock options were exercised for common shares during the period.

Earnings per share (in millions, except share data):


	Year Ended December 31,
	2020		2019		2018
Basic:
Net income	$	504	$	544	$	421
Weighted-average shares outstanding	53,441,375		53,991,249		53,591,655
Basic earnings per share	$	9.43	$	10.08	$	7.86

Diluted:
Net income	$	504	$	544	$	421
Weighted-average shares outstanding	53,441,375		53,991,249		53,591,655
Dilutive shares	471,870		603,168		708,157
Diluted weighted-average shares outstanding	53,913,245		54,594,417		54,299,812
Diluted earnings per share	$	9.35	$	9.97	$	7.76

Anti-dilutive options to purchase common shares are excluded from diluted earnings per share calculations. There were 46,128, 47,240, and 72,856 shares that were anti-dilutive for the years ended December 31, 2020, 2019, and 2018, respectively.