Earnings (Loss) Per Common Share

12 Months Ended

Dec. 31, 2022

15. 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,
	2022		2021		2020
Earnings (loss) per common share:
Net income (loss) attributable to Valero stockholders	$	11,528	$	930	$	(1,421)
Less: Income allocated to participating securities	43		6		5
Net income (loss) available to common stockholders	$	11,485	$	924	$	(1,426)

Weighted-average common shares outstanding	395		407		407

Earnings (loss) per common share	$	29.05	$	2.27	$	(3.50)

Earnings (loss) per common share – assuming dilution:
Net income (loss) attributable to Valero stockholders	$	11,528	$	930	$	(1,421)
Less: Income allocated to participating securities	43		6		5
Net income (loss) available to common stockholders	$	11,485	$	924	$	(1,426)

Weighted-average common shares outstanding	395		407		407
Effect of dilutive securities	1		—		—
Weighted-average common shares outstanding – assuming dilution	396		407		407

Earnings (loss) per common share – assuming dilution	$	29.04	$	2.27	$	(3.50)

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.