Earnings Per Share

12 Months Ended

Dec. 31, 2021

EARNINGS PER SHARE

Basic and diluted net income (loss) per share of Class A common stock is presented below:


(In millions, except per share amounts)	2021		2020		2019
Net income (loss)	$	(330)	$	(15,761)	$	271

Less: Net income (loss) attributable to noncontrolling interests	(111)		(5,821)		143
Net income (loss) attributable to Baker Hughes Company	$	(219)	$	(9,940)	$	128

Weighted average shares outstanding:
Class A basic	824		675		555
Class A diluted	824		675		557
Net income (loss) per share attributable to common stockholders:
Class A basic	$	(0.27)	$	(14.73)	$	0.23
Class A diluted	$	(0.27)	$	(14.73)	$	0.23

Shares of our Class B common stock do not share in earnings or losses of the Company and are not considered in the calculation of basic or diluted earnings per share ("EPS") above. As such, separate presentation of basic and diluted EPS of Class B under the two class method has not been presented. The basic weighted average shares outstanding for our Class B common stock were 215 million, 359 million, and 479 million for the years ended December 31, 2021, 2020 and 2019, respectively. The basic weighted average shares outstanding for both our Class A and Class B common stock combined were 1,039 million, 1,034 million, and 1,034 million for the years ended December 31, 2021, 2020 and 2019, respectively.

Under the Exchange Agreement between GE and us, GE is entitled to exchange its holding in our Class B common stock, and associated LLC Units, for Class A common stock on a one-for-one basis (subject to adjustment in accordance with the terms of the Exchange Agreement) or, at the option of Baker Hughes, an amount of cash equal to the aggregate value (determined in accordance with the terms of the Exchange Agreement) of the shares of Class A common stock that would have otherwise been received by GE in the exchange. In computing the dilutive effect, if any, that the aforementioned exchange would have on net income (loss) per share, net income (loss) attributable to holders of Class A common stock would be adjusted due to the elimination of the noncontrolling interests associated with the Class B common stock (including any tax impact). For the three years ended December 31, 2021, 2020 and 2019, such exchange is not reflected in diluted net income (loss) per share as the assumed exchange is not dilutive.

For the years ended December 31, 2021 and 2020, we excluded all outstanding equity awards from the computation of diluted net loss per share because their effect is antidilutive. For the year ended December 31, 2019, Class A diluted shares included the dilutive impact of equity awards except for approximately 6 million options that were excluded because the exercise price exceeded the average market price of the Class A common stock and is therefore antidilutive.