Earnings Per Common Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

EARNINGS PER COMMON SHARE

16.    EARNINGS PER COMMON SHARE

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

	Year Ended December 31,
	2024		2023		2022
Earnings per common share:
Net income attributable to Valero stockholders	$	2,770	$	8,835	$	11,528
Less: Income allocated to participating securities	8		27		43
Net income available to common stockholders	$	2,762	$	8,808	$	11,485
Weighted-average common shares outstanding	322		353		395
Earnings per common share	$	8.58	$	24.93	$	29.05
Earnings per common share – assuming dilution:
Net income attributable to Valero stockholders	$	2,770	$	8,835	$	11,528
Less: Income allocated to participating securities	8		27		43
Net income available to common stockholders	$	2,762	$	8,808	$	11,485
Weighted-average common shares outstanding	322		353		395
Effect of dilutive securities	—		—		1
Weighted-average common shares outstanding – assuming dilution	322		353		396
Earnings per common share – assuming dilution	$	8.58	$	24.92	$	29.04

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. For the years ended December 31, 2024, 2023, and 2022, we computed earnings per common share – assuming dilution using the two-class method for all dilutive securities.