EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2021

Earnings Per Share, Basic and Diluted [Abstract]

EARNINGS (LOSS) PER SHARE

EARNINGS PER SHARE

    The computation of basic and diluted earnings per common share was as follows (in millions, except per share data):

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Amounts attributable to Quest Diagnostics’ common stockholders:
Net income attributable to Quest Diagnostics	$	631	$	185	$	1,100	$	284
Less: Earnings allocated to participating securities	3		1		4		1
Earnings available to Quest Diagnostics’ common stockholders – basic and diluted	$	628	$	184	$	1,096	$	283
Weighted average common shares outstanding – basic	125		134		129		134
Effect of dilutive securities:
Stock options and performance share units	2		2		2		1
Weighted average common shares outstanding – diluted	127		136		131		135
Earnings per share attributable to Quest Diagnostics’ common stockholders:
Basic	$	5.05	$	1.38	$	8.52	$	2.12
Diluted	$	4.96	$	1.36	$	8.38	$	2.09

    The following securities were not included in the calculation of diluted earnings per share due to their antidilutive effect:

	Three Months Ended June 30,		Six Months Ended June 30,
	2021	2020	2021	2020
Stock options and performance share units	1	1	1	2

    In April 2021, the Company entered into ASRs with several financial institutions to repurchase $1.5 billion of the Company's common stock as part of the Company's share repurchase program. See Note 9 for further details. The sum of basic and diluted earnings per share attributable to Quest Diagnostics' common stockholders for the first two quarters of 2021 did not equal the total for the six months ended June 30, 2021 due to both quarterly fluctuations in the Company's earnings and in the weighted average common shares outstanding throughout the period as a result of the impact of the ASRs.