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Earnings Per Share | 3 Months Ended
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Mar. 31, 2022
Earnings Per Share [Abstract] |
Earnings Per Share | Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share on net income (in millions, except per share information):
|  |  |  | Three months ended March 31,
|  |  |  |  |  | 2022 |  | 2021
Earnings: |  |  |  |  |  |  |  |
Net income (loss) |  |  |  |  |  | $ | (63) |  |  | $ | 139 |
Shares: |  |  |  |  |  |  |  |
Weighted average outstanding shares |  |  |  |  |  | 67 |  |  | 68 |
Equivalent shares from outstanding stock awards |  |  |  |  |  | 1 |  |  | — |
Denominator for diluted calculation |  |  |  |  |  | 68 |  |  | 68 |
Earnings per share: |  |  |  |  |  |  |  |
Basic |  |  |  |  |  | $ | (0.93) |  |  | $ | 2.04 |
Diluted |  |  |  |  |  | $ | (0.93) |  |  | $ | 2.03 |
As a result of the net loss for the three months ended March 31, 2022, the Company is required to use basic weighted average common shares outstanding of 67 million in the calculation of diluted loss per share, since the inclusion of shares for outstanding stock awards would be anti-dilutive to the loss per share calculations. The calculation of common equivalent shares does not include the impact of stock awards with a conversion price that exceeds the average stock price for the earnings period as the result would be antidilutive. The calculation of common equivalent shares also excludes the impact of outstanding performance contingent awards as the conditions necessary for their issuance have not been satisfied as of the end of the reporting period. Approximately 1.2 million stock awards and approximately 0.2 million performance contingent shares were excluded from the calculation of common equivalent shares during the three months ended March 31, 2022.

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