Earnings (Loss) Per Common Share

12 Months Ended

Dec. 31, 2021

17. EARNINGS (LOSS) PER COMMON SHARE

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


	Year Ended December 31,
	2021		2020		2019
Earnings (loss) per common share:
Net income (loss) attributable to Valero stockholders	$	930	$	(1,421)	$	2,422
Less: Income allocated to participating securities	6		5		7
Net income (loss) available to common stockholders	$	924	$	(1,426)	$	2,415

Weighted-average common shares outstanding	407		407		413

Earnings (loss) per common share	$	2.27	$	(3.50)	$	5.84

Earnings (loss) per common share – assuming dilution:
Net income (loss) attributable to Valero stockholders	$	930	$	(1,421)	$	2,422
Less: Income allocated to participating securities	6		5		7
Net income (loss) available to common stockholders	$	924	$	(1,426)	$	2,415

Weighted-average common shares outstanding	407		407		413
Effect of dilutive securities	—		—		1
Weighted-average common shares outstanding – assuming dilution	407		407		414

Earnings (loss) per common share – assuming dilution	$	2.27	$	(3.50)	$	5.84

Participating securities include restricted stock and performance awards granted under our 2020 OSIP or our 2011 OSIP. Dilutive securities include participating securities as well as outstanding stock options.