Earnings Per Share

3 Months Ended

Mar. 31, 2023

The following table sets forth the calculation of basic and diluted net earnings per common share ($ in millions, except per share data in dollars and shares in thousands):


	Three Months Ended March 31,
	2023		2022

Earnings attributable to Centene Corporation	$	1,130	$	849

Shares used in computing per share amounts:
Weighted average number of common shares outstanding	550,779		583,230
Common stock equivalents (as determined by applying the treasury stock method) (1)	3,066		7,428
Weighted average number of common shares and potential dilutive common shares outstanding	553,845		590,658

Net earnings per common share attributable to Centene Corporation:
Basic earnings per common share	$	2.05	$	1.46
Diluted earnings per common share	$	2.04	$	1.44

(1) The reduction in common stock equivalents is primarily driven by the distribution of long-term stock awards to the estate of the Company's former CEO during the first quarter of 2023, which were fully dilutive prior to their distribution.

The calculation of diluted earnings per common share for the three months ended March 31, 2023 and 2022 excludes 1,606 thousand shares and 923 thousand shares, respectively, related to anti-dilutive stock options, restricted stock, and restricted stock units.