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EARNINGS PER SHARE | 3 Months Ended
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Mar. 31, 2024
Earnings Per Share [Abstract] |
EARNINGS PER SHARE | EARNINGS PER SHARE Basic and diluted earnings per share (EPS) were calculated using the treasury stock method for the three months ended March 31, 2024 and 2023. Our restricted stock unit (RSU) and performance stock unit (PSU) awards are not considered participating securities since the dividend rights on unvested shares are forfeitable. For basic EPS, the weighted-average number of common shares outstanding excludes shares underlying our equity-settled awards and warrants. For diluted EPS, the basic shares outstanding are adjusted by adding potential common shares, if dilutive. The following table presents the calculation of basic and diluted EPS, for the three months ended March 31, 2024 and 2023:
| Three months ended March 31, |  |
| 2024 |  | 2023 |  |  |  |
| (in millions, except per-share amounts)
Numerator for Basic and Diluted EPS |  |  |  |  |  |  |
Net (loss) income | $ | (10) |  |  | $ | 301 |  |  |  |  |
Denominator for Basic EPS |  |  |  |  |  |  |
Weighted-average shares | 69.0 |  |  | 71.3 |  |  |  |  |
Potential common shares, if dilutive: |  |  |  |  |  |  |
Warrants | — |  |  | 0.5 |  |  |  |  |
Restricted stock units | — |  |  | 0.9 |  |  |  |  |
Performance stock units | — |  |  | 0.8 |  |  |  |  |
Denominator for Diluted EPS |  |  |  |  |  |  |
Weighted-average shares | 69.0 |  |  | 73.5 |  |  |  |  |
EPS |  |  |  |  |  |  |
Basic | $ | (0.14) |  |  | $ | 4.22 |  |  |  |  |
Diluted | $ | (0.14) |  |  | $ | 4.09 |  |  |  |  |
The following table presents potentially dilutive weighted-average common shares which were excluded from the denominator for diluted EPS in periods of losses:
| Three months ended March 31, |  |
| 2024 |  | 2023 |  |  |  |
(in millions) |  |  |  |  |  |  |
Shares issuable upon exercise of warrants | 4.2 |  |  | — |  |  |  |  |
Shares issuable upon settlement of RSUs | 0.9 |  |  | — |  |  |  |  |
Shares issuable upon settlement of PSUs | 1.1 |  |  | — |  |  |  |  |
Total antidilutive shares | 6.2 |  |  | — |  |  |  |  |

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//260/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-3 + Details
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