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EARNINGS PER SHARE
 9 Months Ended
Sep. 30, 2023
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
We calculate basic earnings per share by dividing 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. 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 per share:

Basic and diluted earnings per share
Three Months Ended September 30,
Nine Months Ended September 30,
(in millions, except per share data)2023202220232022
Net income$1,108 $695 $2,572 $489 
Basic weighted average shares outstanding639 638 639 638 
Dilutive effect of share-based instruments5 3 4 3 
Diluted weighted average shares outstanding644 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