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Net Income Per Share
 12 Months Ended
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,
202020192018
(In millions, except net income per share)
Numerator:
Net income$673 $737 $707 
Denominator:
Shares outstanding at the beginning of the period61.9 62.1 59.3 
Weighted-average number of shares issued:
Stock purchases(3.0)— — 
Stock-based compensation0.1 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 share59.0 62.2 61.1 
Effect of dilutive securities:
Stock-based compensation0.9 0.6 0.3 
Warrants (2)
— 1.4 4.8 
Convertible senior notes (1)
— — 0.4 
Denominator for diluted net income per share59.9 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 
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(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.