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Earnings per Share | 6 Months Ended
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Jun. 30, 2022
Earnings Per Share [Abstract] |
Earnings per Share | EARNINGS PER SHARE Basic earnings per share is based upon the weighted-average number of shares of common stock outstanding. Diluted earnings per share is based upon the weighted-average number of shares of common stock outstanding, plus all potentially dilutive securities that were assumed to be converted into common shares at the beginning of the period under the treasury stock method. This method requires that the effect of potentially dilutive common stock equivalents (stock options, stock-settled appreciation rights (SSARs), restricted stock units, and performance stock units) be excluded from the calculation of diluted earnings per share for the periods in which losses are reported because the effect is anti-dilutive. The following table sets forth the computation of basic and diluted earnings per share (dollar amounts in millions, except per share amounts):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Income from continuing operations | $ | 348 |  |  | $ | 486 |  |  | $ | 769 |  |  | $ | 802 |
Net loss attributed to noncontrolling interest | — |  |  | — |  |  | 1 |  |  | 1 |
Income from continuing operations attributed to LP | 348 |  |  | 486 |  |  | 770 |  |  | 803 |
Income for discontinued operations, net of income taxes | 37 |  |  | 11 |  |  | 99 |  | 14
Net income attributed to LP | $ | 384 |  |  | $ | 498 |  |  | $ | 868 |  |  | $ | 818 |
Weighted average common shares outstanding - basic | 81 |  |  | 101 |  |  | 83 |  |  | 103 |
Dilutive effect of employee stock plans | — |  |  | 1 |  |  | 1 |  |  | 1 |
Shares used for diluted earnings per share | 81 |  |  | 102 |  |  | 84 |  |  | 104 |
Net income attributed to LP per share - basic: |  |  |  |  |  |  |
Continuing operations | $ | 4.30 |  |  | $ | 4.82 |  |  | $ | 9.25 |  |  | $ | 7.76 |
Discontinued operations | 0.46 |  |  | 0.11 |  |  | 1.18 |  |  | 0.14 |
Net income attributed to LP per share - basic | $ | 4.76 |  |  | $ | 4.93 |  |  | $ | 10.43 |  |  | $ | 7.90 |
Net income attributed to LP per share – diluted: |  |  |  |  |  |  |
Continuing operations | $ | 4.28 |  |  | $ | 4.79 |  |  | $ | 9.19 |  |  | $ | 7.71 |
Discontinued operations | 0.45 |  |  | 0.11 |  |  | 1.18 |  |  | 0.14 |
Net income attributed to LP per share - diluted | $ | 4.73 |  |  | $ | 4.90 |  |  | $ | 10.36 |  |  | $ | 7.85 |

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3630-109257 + Details
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