Earnings (Loss) Per Common Share

6 Months Ended

Jun. 30, 2021

9. EARNINGS (LOSS) PER COMMON SHARE

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Earnings (loss) per common share:
Net income (loss) attributable to Valero stockholders	$	162	$	1,253	$	(542)	$	(598)
Less: Income allocated to participating securities	2		4		3		3
Net income (loss) available to common stockholders	$	160	$	1,249	$	(545)	$	(601)

Weighted-average common shares outstanding	407		406		407		407

Earnings (loss) per common share	$	0.39	$	3.07	$	(1.34)	$	(1.48)

Earnings (loss) per common share – assuming dilution:
Net income (loss) attributable to Valero stockholders	$	162	$	1,253	$	(542)	$	(598)
Less: Income allocated to participating securities	2		4		3		3
Net income (loss) available to common stockholders	$	160	$	1,249	$	(545)	$	(601)

Weighted-average common shares outstanding	407		406		407		407
Effect of dilutive securities	—		1		—		—
Weighted-average common shares outstanding – assuming dilution	407		407		407		407

Earnings (loss) per common share – assuming dilution	$	0.39	$	3.07	$	(1.34)	$	(1.48)

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