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EARNINGS/(LOSS) PER SHARE
 6 Months Ended
Jun. 30, 2023
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 per share calculation are not material. The following table shows the computation of basic and diluted earnings/(loss) per share:

Basic and diluted earnings/(loss) per share
Three Months Ended June 30,
Six Months Ended June 30,
(in millions, except per share data)2023202220232022
Net income/(loss)$1,827 $735 $1,464 $(205)
Basic weighted average shares outstanding639 638 639 638 
Dilutive effect of share-based instruments3 3 3 — 
Diluted weighted average shares outstanding642 641 642 638 
Basic earnings/(loss) per share$2.86 $1.15 $2.29 $(0.32)
Diluted earnings/(loss) per share$2.84 $1.15 $2.28 $(0.32)