Earnings Per Common Share

6 Months Ended

Jun. 30, 2019

10.

EARNINGS PER COMMON SHARE

Earnings per common share were computed as follows (dollars and shares in millions, except per share amounts):



	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Earnings per common share:
Net income attributable to Valero stockholders	$	612	$	845	$	753	$	1,314
Less income allocated to participating securities	2		3		2		4
Net income available to common stockholders	$	610	$	842	$	751	$	1,310

Weighted-average common shares outstanding	415		429		416		430

Earnings per common share	$	1.47	$	1.96	$	1.80	$	3.05

Earnings per common share – assuming dilution:
Net income attributable to Valero stockholders	$	612	$	845	$	753	$	1,314

Weighted-average common shares outstanding	415		429		416		430
Effect of dilutive securities	2		2		1		2
Weighted-average common shares outstanding – assuming dilution	417		431		417		432

Earnings per common share – assuming dilution	$	1.47	$	1.96	$	1.80	$	3.04

Participating securities include restricted stock and performance awards granted under our 2011 Omnibus Stock Incentive Plan. Dilutive securities include participating securities as well as outstanding stock options granted under our 2011 Omnibus Stock Incentive Plan.