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Earnings Per Share | 12 Months Ended
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Dec. 31, 2020
Earnings Per Share [Abstract] |
Earnings per Share | 15. Earnings per Share The Company computes earnings per share using the two-class method, which is an earnings allocation formula that determines earnings per share for common stock and any participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. The Series A Preferred Stock is considered participating securities because it has dividend rights determined on an as-converted basis in the event of Company’s declaration of a dividend or distribution for common shares. On October 10, 2018, the Company completed its previously announced 1-for-12 reverse stock split. The Successor period presented has been retrospectively revised to reflect this change. The following table sets forth the computation of basic and diluted net income per common share (amounts in millions, except per share amounts):
| Successor |  |  | Predecessor
Computation of Earnings Per Share | Year Ended December 31, 2020 |  | Year Ended December 31, 2019 |  | Five Months Ended December 31, 2018 |  |  | Seven Months Ended July 31, 2018
Net income attributable to Successor/Predecessor | $ | 305 |  |  | $ | 274 |  |  | $ | 884 |  |  |  | $ | 154 |
Less: Undistributed earnings attributable to participating stockholders | 3 |  |  | 2 |  |  | 8 |  |  |  | — |
Net income attributable to Successor/Predecessor common stockholders | $ | 302 |  |  | $ | 272 |  |  | $ | 876 |  |  |  | $ | 154 |
Net income per common share attributable to Successor/Predecessor common stockholders: |  |  |  |  |  |  |  |
Basic | $ | 3.31 |  |  | $ | 2.99 |  |  | $ | 9.65 |  |  |  | $ | 1.57 |
Diluted | $ | 3.20 |  |  | $ | 2.95 |  |  | $ | 9.54 |  |  |  | $ | 1.55 |
Weighted average shares of common stock outstanding (in thousands): |  |  |  |  |  |  |  |
Basic | 91,312 |  |  | 91,035 |  |  | 90,813 |  |  |  | 98,046 |
Dilutive effect of stock awards | 2,343 |  |  | 270 |  |  | 178 |  |  |  | 1,091 |
Dilutive effect of participating securities | 839 |  |  | 839 |  |  | 839 |  |  |  | — |
Diluted | 94,494 |  |  | 92,144 |  |  | 91,830 |  |  |  | 99,137 |

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