EARNINGS (LOSS) PER SHARE

12 Months Ended

Dec. 31, 2024


EARNINGS (LOSS) PER SHARE

The numerator for both basic and diluted earnings (loss) per share (EPS) is net income (loss) attributable to Baxter stockholders. The denominator for basic EPS is the weighted-average number of shares outstanding during the period. The dilutive effect of outstanding stock options, RSUs and PSUs is reflected in the denominator for diluted EPS using the treasury stock method.

The following table is a reconciliation of net income (loss) attributable to Baxter stockholders.


years ended December 31(in millions)	2024		2023		2022
Income (loss) from continuing operations	$	(326)	$	181	$	(3,113)
Less: Net income attributable to noncontrolling interests included in continuing operations	—		—		1
Income (loss) from continuing operations attributable to Baxter stockholders	(326)		181		(3,114)
Income (loss) from discontinued operations	(312)		2,482		692
Less: Net income attributable to noncontrolling interests included in discontinued operations	11		7		11
Income (loss) from discontinued operations attributable to Baxter stockholders	(323)		2,475		681
Net income (loss) attributable to Baxter stockholders	$	(649)	$	2,656	$	(2,433)

The following table is a reconciliation of basic shares to diluted shares.


years ended December 31(in millions)	2024	2023	2022
Basic shares	510	506	504
Effect of dilutive securities	—	2	—
Diluted shares	510	508	504

Basic and diluted shares are the same for the years ended December 31, 2024 and 2022 due to our loss from continuing operations attributable to Baxter stockholders. The effect of dilutive securities includes unexercised stock options, unvested RSUs and contingently issuable shares related to granted PSUs. The computation of diluted EPS excludes 25 million, 19 million, and 22 million equity awards in 2024, 2023 and 2022, respectively, because their inclusion would have had an anti-dilutive effect on diluted EPS. Refer to Note 9 for additional information regarding items impacting basic shares.