Earnings (Loss) per Common Share (Tables)

6 Months Ended

Jun. 30, 2021

Schedule of Earnings (Loss) per Common Share

Basic earnings (loss) per common share (EPS) are calculated using the weighted average number of shares of common stock outstanding during each period. A reconciliation of the numerators and denominators of the basic and diluted EPS calculations on a GAAP basis follows.

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions, except per share data)	2021		2020		2021		2020
Numerator:
Net income	$	185	$	125	$	555	$	19
Denominator:
Weighted average shares used to compute basic EPS		174		194		178		197
Effect of dilutive securities:
Dilutive effect of stock options, restricted stock, restricted stock units, performance stock units, and Employee Stock Purchase Plan (ESPP)⁽¹⁾		2		1		2		1
Dilutive potential common shares⁽²⁾		2		1		2		1
Weighted average shares used to compute diluted EPS		176		195		180		198
Basic earnings per common share	$	1.07	$	.65	$	3.12	$	.10
Diluted earnings per common share	$	1.05	$	.64	$	3.08	$	.10

⁽¹⁾

Includes the potential dilutive effect of additional common shares that are issuable upon exercise of outstanding stock options, restricted stock, restricted stock units, performance stock units and the outstanding commitment to issue shares under applicable ESPPs, determined by the treasury stock method.

⁽²⁾

For the three months ended June 30, 2021 and 2020, securities covering approximately 0 and 5 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive. For the six months ended June 30, 2021 and 2020, securities covering approximately 1 million and 4 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive.