EARNINGS PER SHARE

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Amounts attributable to Quest Diagnostics’ common stockholders:
Net income attributable to Quest Diagnostics	$	505	$	568	$	1,605	$	852
Less: Earnings allocated to participating securities	2		2		6		3
Earnings available to Quest Diagnostics’ common stockholders – basic and diluted	$	503	$	566	$	1,599	$	849
Weighted average common shares outstanding – basic	123		135		127		134
Effect of dilutive securities:
Stock options and performance share units	2		2		2		2
Weighted average common shares outstanding – diluted	125		137		129		136
Earnings per share attributable to Quest Diagnostics’ common stockholders:
Basic	$	4.11	$	4.20	$	12.63	$	6.33
Diluted	$	4.02	$	4.14	$	12.41	$	6.25

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

	Three Months Ended September 30,		Nine Months Ended September 30,
	2021	2020	2021	2020
Stock options and performance share units	—	1	—	1

    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 three quarters of 2021 did not equal the total for the nine months ended September 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.