EARNINGS PER COMMON SHARE (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Earnings Per Share, Basic and Diluted

The following table presents a reconciliation of net income (loss) and weighted-average common shares used in calculating basic and diluted EPS for the periods indicated:


	Year Ended December 31,
	2022		2021		2020
	(in millions)
Weighted-average common shares outstanding:
Weighted-average common shares outstanding — basic	377.6		417.4		450.4
Effect of dilutive securities:
Employee share awards (1)	2.3		3.8		—
Weighted-average common shares outstanding — diluted (2)	379.9		421.2		450.4

Net income (loss):
Net income (loss)	$	2,394	$	2,170	$	(349)
Less: Net income (loss) attributable to the noncontrolling interest	241		415		299
Net income (loss) attributable to Holdings	2,153		1,755		(648)
Less: Preferred stock dividends	80		79		53
Net income (loss) available to Holdings’ common shareholders	$	2,073	$	1,676	$	(701)

EPS:
Basic	$	5.49	$	4.02	$	(1.56)
Diluted	$	5.46	$	3.98	$	(1.56)

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(1)Calculated using the treasury stock method.

(2)Due to net loss for the years ended December 31, 2021 and 2020, approximately 3.8 million and 1.7 million shares were excluded from the diluted EPS calculation.