
	2021	2020	2019
Weighted-average shares outstanding – basic	109	109	109
Effect of dilutive share equivalents:
Stock options	—	—	—
Stock units	—	—	—
Weighted-average shares outstanding – diluted	109	109	109

Anti-dilutive share equivalents:
Stock units	3.3	2.6	—
Stock options*:
In-the-money	0.1	—	—
Out-of-the-money	—	—	—
	3.4	2.6	—

* Stock options are in-the-money when the respective exercise price of each such option is less than the average market price of the Company’s common stock during the applicable period presented. Conversely, stock options are out-of-the-money when the respective exercise price of each such option is more than the average market price of the Company’s common stock during the applicable period presented. Out-of-the-money stock options never result in common share equivalents for purposes of diluted EPS regardless of whether a company generates net income or a net loss. As of December 31, 2020 there were 0.5 million out-of-the money stock options outstanding with a weighted average exercise price of $33.32.