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EARNINGS PER SHARE | 9 Months Ended
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Sep. 30, 2023
Earnings Per Share [Abstract] |
EARNINGS PER SHARE | EARNINGS PER SHARE We calculate basic earnings per share by di viding net income 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. Ant idilutive 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 per share:
Basic and diluted earnings per share
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions, except per share data) | 2023 | 2022 |  | 2023 | 2022
Net income | $ | 1,108 |  | $ | 695 |  |  | $ | 2,572 |  | $ | 489 |
Basic weighted average shares outstanding | 639 |  | 638 |  |  | 639 |  | 638 |
Dilutive effect of share-based instruments | 5 |  | 3 |  |  | 4 |  | 3 |
Diluted weighted average shares outstanding | 644 |  | 641 |  |  | 643 |  | 641 |
Basic earnings per share | $ | 1.73 |  | $ | 1.09 |  |  | $ | 4.03 |  | $ | 0.77 |
Diluted earnings per share | $ | 1.72 |  | $ | 1.08 |  |  | $ | 4.00 |  | $ | 0.76 |

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