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| EARNINGS PER SHARE | 3. EARNINGS PER SHARE On November 5, 2021, the date of the Separation, 81% of the outstanding shares of Loyalty Ventures were distributed pro rata based on the outstanding shares of ADS common stock at the close of business on the record date of October 27, 2021, with ADS retaining the remaining 19% of the outstanding shares of Loyalty Ventures. ADS stockholders of record that did not sell their rights to receive Loyalty Ventures stock before the close of business on November 5, 2021 received share of Loyalty Ventures common stock for every two and one-half (2.5) shares of ADS common stock, which resulted in a total of 24,585,237 shares of Loyalty Ventures common stock outstanding at the time of the Separation. This share amount is utilized for the calculation of basic and diluted earnings per share for all periods presented prior to the Separation. For the three and nine months ended September 30, 2021 and 2020, these shares are treated as issued and outstanding for purposes of calculating historical basic and diluted earnings per share. For all periods presented prior to the Separation, there are no dilutive equity instruments as there were no equity awards of Loyalty Ventures outstanding prior to the Separation. The following table sets forth the computation of basic and diluted earnings per share of common stock:
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