Earnings (Loss) Per Common Share

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

EARNINGS (LOSS) PER COMMON SHARE

11.

EARNINGS (LOSS) PER COMMON SHARE

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

	Three Months Ended March 31,
	2020			2019
Earnings (loss) per common share
Net income (loss) attributable to Valero stockholders	$	(1,851	)	$	141
Less: Income allocated to participating securities	1			1
Net income (loss) available to common stockholders	$	(1,852	)	$	140
Weighted-average common shares outstanding	408			416
Earnings (loss) per common share	$	(4.54	)	$	0.34
Earnings (loss) per common share – assuming dilution
Net income (loss) attributable to Valero stockholders	$	(1,851	)	$	141
Weighted-average common shares outstanding	408			416
Effect of dilutive securities	—			2
Weighted-average common shares outstanding – assuming dilution	408			418
Earnings (loss) per common share – assuming dilution	$	(4.54	)	$	0.34

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.