Earnings Per Common Share

9 Months Ended

Sep. 30, 2019

Earnings Per Share [Abstract]

EARNINGS PER COMMON SHARE

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 September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Earnings per common share:
Net income attributable to Valero stockholders	$	609	$	856	$	1,362	$	2,170
Less income allocated to participating securities	1		2		3		6
Net income available to common stockholders	$	608	$	854	$	1,359	$	2,164
Weighted-average common shares outstanding	412		425		415		428
Earnings per common share	$	1.48	$	2.01	$	3.28	$	5.05
Earnings per common share – assuming dilution:
Net income attributable to Valero stockholders	$	609	$	856	$	1,362	$	2,170
Weighted-average common shares outstanding	412		425		415		428
Effect of dilutive securities	1		2		1		2
Weighted-average common shares outstanding – assuming dilution	413		427		416		430
Earnings per common share – assuming dilution	$	1.48	$	2.01	$	3.28	$	5.05

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.