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Net Income (Loss) Per Share
 12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Net Income (Loss) Per Share Net income (loss) per share
Basic earnings per share for the Company’s common stock is computed by dividing, net income (loss) available to common shareholders for the period by the weighted average number of common shares outstanding during the year.
On August 24, 2018, and August 31, 2018, the Company issued an aggregate principal amount of $880 million of 2.00% Convertible Senior Notes due 2028 (please refer to Note 17 to these consolidated financial statements for discussion regarding these debt notes). The conversion of these notes is included in the calculation for diluted earnings per share utilizing the “if converted” method. Accordingly, conversion of these Notes is not assumed for purposes of computing diluted earnings per share if the effect is antidilutive. Additionally, on March 29, 2019, the Company issued Preferred Stock. The conversion of Preferred Stock was included in the calculation for diluted earnings per share utilizing the “if converted” method. Accordingly, conversion of the redeemable convertible preferred stock was not assumed for purposes of computing diluted earnings per share if the effect was antidilutive. The denominator for diluted net income (loss) per share for the years ended on December 31, 2022, 2021 and 2020 does not include any effect from the 2028 Notes Capped Call Transactions (as defined in Note 17) because it would be antidilutive. In the event of conversion of any or all of the 2028 Notes, the shares that would be delivered to the Company under the Capped Call Transactions (as defined in Note 17) are designed to partially neutralize the dilutive effect of the shares that the Company would issue under the Notes.
For the years ended 2021 and 2020, the effects of the conversion of the Notes and the redeemable convertible preferred stock would have been antidilutive and, as a consequence, they were not factored into the calculation of diluted earnings per share.
Net income (loss) per share of common stock is as follows for the years ended December 31, 2022, 2021 and 2020:
Year Ended December 31,
202220212020
Basic DilutedBasicDilutedBasicDiluted
Net income (loss) per common share (*)$9.57 $9.53 $1.67 $1.67 $(0.08)$(0.08)
Numerator (in millions):
Net income (loss)$482 $482 $83 $83 $(1)$(1)
Effect of dilutive Convertible Senior Notes— 7 — — — — 
Dividends on preferred stock— — — — (3)(3)
Net income (loss) corresponding to common stock$482 $489 $83 $83 $(4)$(4)
Denominator:
Weighted average of common stock outstanding for Basic earnings per share50,345,35350,345,35349,802,993—49,740,407—
Adjustment for assumed conversions—990,268————
Adjusted weighted average of common stock outstanding for Diluted earnings per share—51,335,621—49,802,993—49,740,407
(*) Figures have been calculated using non-rounded amounts.