Earnings Per Common Share

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Earnings per common share:
Net income attributable to Valero stockholders	$	1,944	$	4,693	$	5,011	$	5,598
Less: Income allocated to participating securities	6		17		16		20
Net income available to common stockholders	$	1,938	$	4,676	$	4,995	$	5,578

Weighted-average common shares outstanding	358		404		363		406

Earnings per common share	$	5.41	$	11.58	$	13.75	$	13.75

Earnings per common share – assuming dilution:
Net income attributable to Valero stockholders	$	1,944	$	4,693	$	5,011	$	5,598
Less: Income allocated to participating securities	6		17		16		20
Net income available to common stockholders	$	1,938	$	4,676	$	4,995	$	5,578

Weighted-average common shares outstanding	358		404		363		406
Effect of dilutive securities	—		—		—		—
Weighted-average common shares outstanding – assuming dilution	358		404		363		406

Earnings per common share – assuming dilution	$	5.40	$	11.57	$	13.74	$	13.74

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.