Basic earnings (loss) per share is calculated by dividing net income attributable to ordinary equity holders of the Parent Company (the numerator) by the weighted-average number of shares outstanding (the denominator) during the period. Shares that would be issued depending only on the passage of time should be included in the determination of the basic weighted-average number of shares outstanding. Diluted earnings (loss) per share should reflect in both the numerator and denominator the assumption that convertible instruments are converted, that options or warrants are exercised, or that ordinary shares are issued upon the satisfaction of specified conditions, to the extent that such assumption would lead to a reduction in basic earnings per share or an increase in basic loss per share. Otherwise, the effects of potential shares are not considered because they generate

antidilution.

The amounts considered for calculations of earnings (loss) per share in 2021, 2020 and 2019 were as follows:


	2021		2020		2019
Denominator (thousands of shares)
Weighted-average number of shares outstanding 1		44,123,654		44,125,288		45,393,602
Capitalization of retained earnings 1		—		—		—
Effect of dilutive instruments – mandatorily convertible securities (note 18.2) 2		—		—		—

Weighted-average number of shares – basic		44,123,654		44,125,288		45,393,602
Effect of dilutive instruments – share-based compensation (note 23) 2		729,292		745,163		470,985
Effect of potentially dilutive instruments – optionally convertible securities (note 18.2) 2		—		—		1,457,554

Weighted-average number of shares – diluted		44,852,946		44,870,451		47,322,141


Numerator
Net income (loss) from continuing operations	$	788		(1,347	)	81
Less: non-controlling interest net income (loss)		25		21		36

Controlling interest net income (loss) from continuing operations		763		(1,368	)	45
Plus: after tax interest expense on mandatorily convertible securities		—		—		1

Controlling interest net income (loss) from continuing operations – for basic earnings per share calculations		763		(1,368	)	46
Plus: after tax interest expense on optionally convertible securities		—		4		18

Controlling interest net income (loss) from continuing operations – for diluted earnings per share calculations	$	763		(1,364	)	64

Net income (loss) from discontinued operations	$	(10	)	(99	)	98

Basic earnings per share
Controlling interest basic earnings (loss) per share	$	0.0171		(0.0332	)	0.0031
Controlling interest basic earnings (loss) per share from continuing operations		0.0173		(0.0310	)	0.0010
Controlling interest basic earnings (loss) per share from discontinued operations		(0.0002	)	(0.0022	)	0.0021

Controlling interest diluted earnings per share 3
Controlling interest diluted earnings (loss) per share	$	0.0168		(0.0332	)	0.0031
Controlling interest diluted earnings (loss) per share from continuing operations		0.0170		(0.0310	)	0.0010
Controlling interest diluted earnings (loss) per share from discontinued operations		(0.0002	)	(0.0022	)	0.0021

1	In 2019, shareholders approved the delivery of a cash dividend (note 22.1).

The number of Parent Company CPOs to be issued under the executive share-based compensation programs, as well as the total amount of Parent Company CPOs committed for issuance in the future under the mandatorily and optionally convertible securities, are computed from the beginning of the reporting period. The number of shares resulting from the executives’ stock-based compensation programs is determined under the inverse treasury method.

3	For 2020 and 2019, the effects on the denominator and numerator of potential dilutive shares generate antidilution; therefore, there is no change between the reported basic earnings per share and diluted earnings per share.