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EARNINGS/(LOSS) PER SHARE | 12 Months Ended
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Dec. 31, 2022
Earnings Per Share [Abstract] |
EARNINGS/(LOSS) PER SHARE | EARNINGS/(LOSS) PER SHARE We calculate basic earnings/(loss) per share and diluted (loss) per share by dividing net income/(loss) by the weighted average number of common shares outstanding, excluding restricted shares. We calculate diluted earnings per share by dividing net income by the weighted average number of common shares outstanding plus the dilutive effect of outstanding share-based instruments, including stock options, restricted stock awards and warrants. Antidilutive common stock equivalents excluded from the diluted earnings/(loss) per share calculation are not material. The following table shows our computation:
Basic and diluted earnings/(loss) per share |  |  |
| Year Ended December 31,
(in millions, except per share data) | 2022 | 2021 | 2020
Net income/(loss) | $ | 1,318 |  | $ | 280 |  | $ | (12,385) |
Basic weighted average shares outstanding | 638 |  | 636 |  | 636 |
Dilutive effect of share-based instruments | 3 |  | 5 |  | — |
Diluted weighted average shares outstanding | 641 |  | 641 |  | 636 |
Basic earnings/(loss) per share | $ | 2.07 |  | $ | 0.44 |  | $ | (19.49) |
Diluted earnings/(loss) per share | $ | 2.06 |  | $ | 0.44 |  | $ | (19.49) |

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