Earnings per share

3 Months Ended

Mar. 31, 2025

The computation of basic EPS is based on the weighted-average number of our common shares outstanding. The computation of diluted EPS is based on the weighted-average number of our common shares outstanding and dilutive potential common shares, which primarily include shares that may be issued under our stock option, restricted stock and performance unit award programs (collectively, dilutive securities), as determined by using the treasury stock method.

The computations for basic and diluted earnings (loss) per share were as follows (in millions, except per-share data):


	Three months ended March 31,
	2025		2024
Income (Numerator):
Net income (loss) for basic and diluted earnings (loss) per share	$	1,730	$	(113)

Shares (Denominator):
Weighted-average shares for basic earnings (loss) per share	538		536
Effect of dilutive securities	3		—
Weighted-average shares for diluted earnings (loss) per share	541		536

Basic earnings (loss) per share	$	3.22	$	(0.21)
Diluted earnings (loss) per share	$	3.20	$	(0.21)

For the three months ended March 31, 2025, the number of antidilutive employee stock-based awards excluded from the computation of diluted EPS was not significant. For the three months ended March 31, 2024, 5 million shares of employee stock-based awards were excluded from the computation of diluted loss per share because the effect would have been antidilutive due to the Company’s net loss during that period.