Net Income (Loss) Per Share

6 Months Ended

Jun. 30, 2022

Basic net income (loss) per share is computed by dividing net income (loss) for the period by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share is computed by dividing net income (loss) for the period by the weighted average number of shares of common stock and potentially dilutive common stock outstanding during the period. The dilutive effect of outstanding options and equity incentive awards is reflected in diluted net income (loss) per share by application of the treasury stock method. The calculation of diluted net income (loss) per share excludes all anti-dilutive common shares.

The following table presents the computation of basic and diluted net income (loss) per share for the periods indicated (in millions, except per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Numerator:
Income (loss) from continuing operations	$	(536)	$	294	$	(1,875)	$	862
Income (loss) from discontinued operations, net of income taxes	5		10,440		3		10,513
Net income (loss)	$	(531)	$	10,734	$	(1,872)	$	11,375
Denominator:
Weighted average shares of common stock - basic	556		674		571		678
Dilutive effect of equity incentive awards	—		11		—		11
Weighted average shares of common stock - diluted	556		685		571		689


Income (loss) per share - basic:
Continuing operations	$	(0.96)	$	0.44	$	(3.28)	$	1.27
Discontinued operations	0.01		15.48		0.01		15.52
Net income (loss) per share - basic	$	(0.95)	$	15.92	$	(3.27)	$	16.79
Income (loss) per share - diluted:
Continuing operations	$	(0.96)	$	0.43	$	(3.28)	$	1.25
Discontinued operations	0.01		15.25		0.01		15.27
Net income (loss) per share - diluted	$	(0.95)	$	15.68	$	(3.27)	$	16.52
Common stock equivalents excluded from income (loss) per diluted share because their effect would have been anti-dilutive	16		8		16		9