(Loss)/Income Per Share

3 Months Ended

Mar. 31, 2023

(Loss)/Income Per ShareBasic (loss)/income per common share is computed by dividing net (loss)/income less cumulative dividends attributable to preferred stock by the weighted average number of common shares outstanding. Shares issued and treasury shares repurchased during the period are weighted for the portion of the period that they were outstanding. Diluted (loss)/income per share is computed in a manner consistent with that of basic (loss)/income per share while giving effect to all potentially dilutive common shares that were outstanding during the period when there is net income. The relative performance stock units, non-vested restricted stock units, and non-qualified stock options are not considered outstanding for purposes of computing basic (loss)/income per share. However, these instruments are included in the denominator for purposes of computing diluted income per share under the treasury stock method for periods when there is net income. The Convertible Senior Notes are convertible, under certain circumstances, into cash or combination of cash and Company’s common stock. The Company is including the potential share settlements, if any, in the denominator for purposes of computing diluted income per share under the if converted method for periods when there is net income. The potential shares settlements are calculated as the excess of the Company's conversion obligation over the aggregate principal amount (which will be settled in cash), divided by the average share price for the period. For the period ended March 31, 2023, there was no dilutive effect for the Convertible Senior Notes since there was a net loss. For the period ending March 31, 2022, there was no dilutive effect for the Convertible Senior Notes since there were no potential share settlements for the period.

NRG's basic and diluted (loss)/income per share is shown in the following table:


	Three months ended March 31,
(In millions, except per share data)	2023		2022
Basic and diluted (loss)/income per share:
Net (loss)/income	$	(1,335)	$	1,736
Less: Cumulative dividends attributable to Series A Preferred Stock	4		—
Net (loss)/income available for common stockholders	(1,339)		1,736
Weighted average number of common shares outstanding - basic and diluted	230		242
(Loss)/Income per weighted average common share — basic and diluted	$	(5.82)	$	7.17

As of March 31, 2023, the Company had 7 million outstanding equity instruments that are anti-dilutive and were not included in the computation of the Company's diluted loss per share. As of March 31, 2022, the Company had 1 million outstanding equity instruments that are anti-dilutive and were not included in the computation of the Company's diluted income per share.