Earnings Per Share

3 Months Ended

Mar. 31, 2022

Note 5 Earnings Per Share

Basic earnings per share attributable to UScellular shareholders is computed by dividing Net income attributable to UScellular shareholders by the weighted average number of Common Shares outstanding during the period. Diluted earnings per share attributable to UScellular shareholders is computed by dividing Net income attributable to UScellular shareholders by the weighted average number of Common Shares outstanding during the period adjusted to include the effects of potentially dilutive securities. Potentially dilutive securities primarily include incremental shares issuable upon the exercise of outstanding stock options and the vesting of performance and restricted stock units.

The amounts used in computing basic and diluted earnings per share attributable to UScellular shareholders were as follows:


	Three Months Ended March 31,
	2022		2021
(Dollars and shares in millions, except per share amounts)
Net income attributable to UScellular shareholders	$	49	$	60

Weighted average number of shares used in basic earnings per share	86		86
Effects of dilutive securities	1		2
Weighted average number of shares used in diluted earnings per share	87		88

Basic earnings per share attributable to UScellular shareholders	$	0.57	$	0.70

Diluted earnings per share attributable to UScellular shareholders	$	0.57	$	0.69

Certain Common Shares issuable upon the exercise of stock options or vesting of performance and restricted stock units were not included in weighted average diluted shares outstanding for the calculation of Diluted earnings per share attributable to UScellular shareholders because their effects were antidilutive. The number of such Common Shares excluded was less than 1 million for both the three months ended March 31, 2022 and 2021.