EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2020

We compute basic and diluted earnings per share (EPS) using the two-class method required for participating securities. Certain of our restricted and performance stock awards are considered participating securities because they have non-forfeitable dividend rights at the same rate as our common stock.

Under the two-class method, undistributed earnings allocated to participating securities are subtracted from net income attributable to common stock in determining net income available to common stockholders. In loss periods, no allocation is made to participating securities because participating securities do not share in losses. For basic EPS, the weighted-average number of common shares outstanding excludes outstanding shares related to unvested restricted stock awards. For diluted EPS, the basic shares outstanding are adjusted by adding all potentially dilutive securities.

The following table presents the calculation of basic and diluted EPS for the three months ended March 31, 2020 and 2019:



	Three months ended March 31,
	2020			2019
Basic EPS calculation	(in millions, except per-share amounts)
Net loss	$	(1,745	)	$	(44	)
Net income attributable to noncontrolling interests	(51		)	(23		)
Net loss attributable to common stock	(1,796		)	(67		)
Net loss attributable to common stockholders	$	(1,796	)	$	(67	)
Weighted-average common shares outstanding — basic	49.3			48.7
Basic EPS	$	(36.43	)	$	(1.38	)

Diluted EPS calculation
Net loss	$	(1,745	)	$	(44	)
Net income attributable to noncontrolling interests	(51		)	(23		)
Net loss attributable to common stock	(1,796		)	(67		)
Net loss attributable to common stockholders	$	(1,796	)	$	(67	)
Weighted-average common shares outstanding — basic	49.3			48.7
Dilutive effect of potentially dilutive securities	—			—
Weighted-average common shares outstanding — diluted	49.3			48.7
Diluted EPS	$	(36.43	)	$	(1.38	)
Weighted-average anti-dilutive shares	4.6			2.5