Earnings (Loss) Per Common Share

9 Months Ended

Sep. 30, 2020

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 September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Earnings (loss) per common share
Net income (loss) attributable to Valero stockholders	$	(464)	$	609	$	(1,062)	$	1,362
Less: Income allocated to participating securities	1		1		4		3
Net income (loss) available to common stockholders	$	(465)	$	608	$	(1,066)	$	1,359

Weighted-average common shares outstanding	407		412		407		415

Earnings (loss) per common share	$	(1.14)	$	1.48	$	(2.62)	$	3.28

Earnings (loss) per common share – assuming dilution
Net income (loss) attributable to Valero stockholders	$	(464)	$	609	$	(1,062)	$	1,362
Less: Income allocated to participating securities	1		1		4		3
Net income (loss) available to common stockholders	$	(465)	$	608	$	(1,066)	$	1,359

Weighted-average common shares outstanding	407		412		407		415
Effect of dilutive securities	—		1		—		1
Weighted-average common shares outstanding – assuming dilution	407		413		407		416

Earnings (loss) per common share – assuming dilution	$	(1.14)	$	1.48	$	(2.62)	$	3.28

Participating securities include restricted stock and performance awards granted under our 2020 Omnibus Stock Incentive Plan (2020 OSIP) or our 2011 Omnibus Stock Incentive Plan (2011 OSIP). Dilutive securities include participating securities as well as outstanding stock options granted under our 2020 OSIP or our 2011 OSIP. On April 30, 2020, our stockholders approved the 2020 OSIP.