Earnings (Loss) per Common Share (Tables)

9 Months Ended

Sep. 30, 2022

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 September 30,				Nine Months Ended September 30,
(In millions, except per share data)	2022		2021		2022		2021
Numerator:
Net income	$	105	$	173	$	540	$	728
Denominator:
Weighted average shares used to compute basic EPS		139		165		145		174
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		2		2		2
Dilutive potential common shares⁽²⁾		2		2		2		2
Weighted average shares used to compute diluted EPS		141		167		147		176
Basic earnings per common share	$	.75	$	1.05	$	3.71	$	4.20
Diluted earnings per common share	$	.75	$	1.04	$	3.67	$	4.15

⁽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 the ESPP, determined by the treasury stock method.

⁽²⁾

For the three months ended September 30, 2022 and 2021, securities covering approximately 0 million and 0 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive. For the nine months ended September 30, 2022 and 2021, securities covering approximately 0 million and 0 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive