Earnings per share

12 Months Ended

Dec. 31, 2022

(a)Basic earnings per share

Basic earnings per share is calculated by dividing net income by the total weighted average number of equity shares outstanding during the year.


Years Ended December 31 (millions except earnings per share)	2022		2021		2020
Net income	$	183	$	78	$	103
Weighted average number of equity shares outstanding	266		264		224
Basic earnings per share	$	0.69	$	0.30	$	0.46

(b)Diluted earnings per share

Diluted earnings per share is calculated to give effect to the potential dilutive effect that could occur if additional equity shares were assumed to be issued under securities or instruments that may entitle their holders to obtain equity shares in the future, such as share option awards and restricted share units. The number of additional shares for inclusion in the diluted earnings per share calculation was determined using the treasury stock method.


Years Ended December 31 (millions except earnings per share)	2022		2021		2020
Net income	$	183	$	78	$	103
Weighted average number of equity shares outstanding	266		264		224
Dilutive effect of share-based compensation	4		3		2
Weighted average number of diluted equity shares outstanding	270		267		226
Diluted earnings per share	$	0.68	$	0.29	$	0.46

For the years ended December 31, 2022, 2021 and 2020, there were no anti-dilutive awards that were excluded from the calculation of diluted earnings per share.