Per Share Data
Basic earnings per share is based upon the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share includes the effect of certain stock option and other equity-based compensation awards. Our unvested restricted stock units contain non-forfeitable rights to dividend equivalents and are considered participating securities. We calculate basic and diluted earnings per share under the two-class method.
Earnings (loss) per share data is as follows:
 Year Ended December 31,
 202520242023
 ContinuingDiscontinuedContinuingDiscontinuedContinuingDiscontinued
Millions of dollarsOperationsOperationsOperationsOperationsOperationsOperations
Net income (loss)$(785)$47 $1,442 $(75)$1,866 $255 
Dividends on redeemable non-controlling interests(7)— (7)— (7)— 
Net income attributable to participating securities(7)— (6)— (7)— 
Net income (loss) attributable to ordinary shareholders—basic and diluted$(799)$47 $1,429 $(75)$1,852 $255 
Millions of shares,
except per share amounts
Basic weighted average common stock outstanding322 322 325 325 325 325 
Effect of dilutive securities— — 
Potential dilutive shares322 322 326 326 326 326 
Earnings (loss) per share:
Basic$(2.48)$0.14 $4.40 $(0.24)$5.70 $0.78 
Diluted$(2.48)$0.14 $4.39 $(0.24)$5.68 $0.78 

Historical Timeline

Fiscal YearFiled
2025Feb 20, 2026Showing above
2024Feb 27, 2025
2023Feb 22, 2024
2022Feb 23, 2023
2021Feb 24, 2022
2020Feb 25, 2021
2019Feb 20, 2020
2018Feb 21, 2019
2017Feb 22, 2018
2016Feb 17, 2017
2015Feb 16, 2016

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.