v3.22.2.2
Earnings Per Share
9 Months Ended
Sep. 30, 2022
Earnings Per Share [Abstract]  
Earnings Per Share EARNINGS PER SHARE
We calculate basic earnings per share by dividing net income by the weighted average number of common shares outstanding, excluding restricted shares. We calculate diluted earnings per share by dividing net income by the weighted average number of common shares outstanding plus the dilutive effect of outstanding share-based instruments, including stock options, restricted stock awards and warrants. Antidilutive common stock equivalents excluded from the diluted earnings per share calculation are not material. The following table shows the computation of basic and diluted earnings per share:

Basic and diluted earnings per share
Three Months Ended September 30,
Nine Months Ended September 30,
(in millions, except per share data)2022202120222021
Net income$695 $1,212 $489 $688 
Basic weighted average shares outstanding638 637 638 636 
Dilutive effect of share-based instruments
Diluted weighted average shares outstanding641 641 641 641 
Basic earnings per share$1.09 $1.90 $0.77 $1.08 
Diluted earnings per share$1.08 $1.89 $0.76 $1.07