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Weighted Average Shares Outstanding | 12 Months Ended
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Dec. 31, 2020
Earnings Per Share [Abstract] |
EARNINGS PER SHARE | NOTE N – WEIGHTED AVERAGE SHARES OUTSTANDING
| Year Ended December 31,
(in millions) | 2020 |  | 2019 |  | 2018
Weighted average shares outstanding - basic | 1,416.7 |  |  | 1,391.5 |  |  | 1,381.0 |
Net effect of common stock equivalents | — |  |  | 19.0 |  |  | 20.4 |
Weighted average shares outstanding - assuming dilution | 1,416.7 |  |  | 1,410.6 |  |  | 1,401.4 |
The following securities were excluded from the calculation of weighted average shares outstanding - assuming dilution because their effect in the periods presented below would have been antidilutive:
| Year Ended December 31,
(in millions) | 2020 |  | 2019 |  | 2018
Common stock equivalents(1) | 14 |  | n/a |  | n/a
Stock options outstanding(2) | 6 |  | 0 |  | 0
MCPS(3) | 14 |  | n/a |  | n/a
(1) Represents common stock equivalents pursuant to our employee stock-based compensation plans, which are anti-dilutive in 2020 due to our Net loss position in this period. (2) Represents stock options outstanding pursuant to our employee stock-based compensation plans with exercise prices that were greater than the average fair market value of our common stock for the related periods. (3) Represents common stock issuable upon the conversion of MCPS. Refer to Note L – Stockholders' Equity for additional information. We base Net income (loss) per common share - assuming dilution upon the weighted-average number of common shares and common stock equivalents outstanding during each year. Potential common stock equivalents are determined using the treasury stock method. We exclude stock options, stock awards and MCPS from the calculation if the effect would be anti-dilutive. The dilutive effect of MCPS is calculated using the if-converted method. The if-converted method assumes that these securities were converted to shares of common stock at the later of the May 27, 2020 issuance date or the beginning of the reporting period to the extent that the effect is dilutive. In 2020, the effect of assuming the conversion of MCPS into shares of common stock was anti-dilutive, and therefore excluded from the calculation of earnings per share (EPS). Accordingly, Net loss was reduced by cumulative Preferred stock dividends, as presented in our consolidated statements of operations, for purposes of calculating Net loss available to common stockholders.

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