Earnings Per Common Share

3 Months Ended

Mar. 31, 2023

8. EARNINGS PER COMMON SHARE

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


	Three Months Ended March 31,
		2023		2022
Earnings per common share:
Net income attributable to Valero stockholders		$	3,067	$	905
Less: Income allocated to participating securities		10		3
Net income available to common stockholders		$	3,057	$	902

Weighted-average common shares outstanding		369		408

Earnings per common share		$	8.30	$	2.21

Earnings per common share – assuming dilution:
Net income attributable to Valero stockholders		$	3,067	$	905
Less: Income allocated to participating securities		10		3
Net income available to common stockholders		$	3,057	$	902

Weighted-average common shares outstanding		369		408
Effect of dilutive securities		—		—
Weighted-average common shares outstanding – assuming dilution		369		408

Earnings per common share – assuming dilution		$	8.29	$	2.21

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.