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Net Income Per Share | 12 Months Ended
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Dec. 31, 2020
Earnings Per Share [Abstract] |
Net Income Per Share | Net Income Per Share The following table sets forth the calculation of basic and diluted net income per share:
| Year Ended December 31,
| 2020 |  | 2019 |  | 2018
| (In millions, except net income per share)
Numerator: |  |  |  |  |
Net income | $ | 673 |  |  | $ | 737 |  |  | $ | 707 |
Denominator: |  |  |  |  |
Shares outstanding at the beginning of the period | 61.9 |  |  | 62.1 |  |  | 59.3 |
Weighted-average number of shares issued: |  |  |  |  |
Stock purchases | (3.0) |  |  | — |  |  | — |
Stock-based compensation | 0.1 |  |  | 0.1 |  |  | 0.2 |
Exchange of convertible senior notes (1) | — |  |  | — |  |  | 1.4 |
Conversion of convertible senior notes (1) | — |  |  | — |  |  | 0.2 |
Denominator for basic net income per share | 59.0 |  |  | 62.2 |  |  | 61.1 |
Effect of dilutive securities: |  |  |  |  |
Stock-based compensation | 0.9 |  |  | 0.6 |  |  | 0.3 |
Warrants (2) | — |  |  | 1.4 |  |  | 4.8 |
Convertible senior notes (1) | — |  |  | — |  |  | 0.4 |
Denominator for diluted net income per share | 59.9 |  |  | 64.2 |  |  | 66.6 |
Net income per share - Basic (3) | $ | 11.40 |  |  | $ | 11.85 |  |  | $ | 11.57 |
Net income per share - Diluted (3) | $ | 11.23 |  |  | $ | 11.47 |  |  | $ | 10.61 |
_______________________________ (1)“Convertible senior notes” in this table refer to the 1.625% convertible senior notes due 2044 that were settled in 2018. (2)For more information regarding the warrants, including partial termination transactions, refer to Note 13, “Stockholders' Equity.” The dilutive effect of all potentially dilutive common shares is calculated using the treasury stock method. Certain potentially dilutive common shares issuable are not included in the computation of diluted net income per share because to do so would have been anti-dilutive. (3)Source data for calculations in thousands.

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