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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 ShareBasic earnings per share (“EPS”) is computed by dividing net income available to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted EPS is similarly calculated, except that the shares of common stock outstanding for the period is increased using the treasury stock and as-if converted methods to reflect the potential dilution that could occur if outstanding stock awards were vested or exercised at the end of the applicable period. Anti-dilutive shares represent potentially dilutive securities that are excluded from the computation of diluted income or loss per share as their impact would be anti-dilutive. The following is a calculation of basic and diluted earnings per share under the two-class method:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |  |
(In millions, except per share amounts) |  | 2023 |  | 2022 |  | 2023 |  | 2022 |  |  |  |
Income (Numerator) |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 323 |  |  | $ | 1,196 |  |  | $ | 1,209 |  |  | $ | 3,033 |  |  |  |  |
Less: dividends attributable to participating securities |  | (1) |  |  | (2) |  |  | (4) |  |  | (5) |  |  |  |  |
Less: Cimarex redeemable preferred stock dividends |  | — |  |  | — |  |  | — |  |  | (1) |  |  |  |  |
Net income available to common stockholders |  | $ | 322 |  |  | $ | 1,194 |  |  | $ | 1,205 |  |  | $ | 3,027 |  |  |  |  |
Shares (Denominator) |  |  |  |  |  |  |  |  |  |  |  |
Weighted average shares - Basic |  | 753 |  |  | 792 |  |  | 757 |  |  | 801 |  |  |  |  |
Dilution effect of stock awards at end of period |  | 5 |  |  | 5 |  |  | 5 |  |  | 4 |  |  |  |  |
Weighted average shares - Diluted |  | 758 |  |  | 797 |  |  | 762 |  |  | 805 |  |  |  |  |
Earnings per share |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.43 |  |  | $ | 1.51 |  |  | $ | 1.59 |  |  | $ | 3.78 |  |  |  |  |
Diluted |  | $ | 0.42 |  |  | $ | 1.50 |  |  | $ | 1.58 |  |  | $ | 3.77 |  |  |  |  |
The following is a calculation of weighted-average shares excluded from diluted EPS due to anti-dilutive effect:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |  |
(In millions) |  | 2023 |  | 2022 |  | 2023 |  | 2022 |  |  |  |
Weighted-average stock awards excluded from diluted EPS due to the anti-dilutive effect calculated using the treasury stock method |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  |  |  |

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//260/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-3 + Details
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