Earnings Per Share

6 Months Ended

Jun. 30, 2023

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


		Three Months Ended June 30,				Six Months Ended June 30,
		2023		2022		2023		2022

Earnings (loss) attributable to Centene Corporation		$	1,058	$	(172)	$	2,188	$	677

Shares used in computing per share amounts:
Weighted average number of common shares outstanding		548,932		583,644		549,850		583,435
Common stock equivalents (as determined by applying the treasury stock method) (1)		1,376		—		2,146		6,791
Weighted average number of common shares and potential dilutive common shares outstanding		550,308		583,644		551,996		590,226

Net earnings (loss) per common share attributable to Centene Corporation:
Basic earnings (loss) per common share		$	1.93	$	(0.29)	$	3.98	$	1.16
Diluted earnings (loss) per common share		$	1.92	$	(0.29)	$	3.96	$	1.15

(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 June 30, 2023 excludes 2 million shares related to anti-dilutive stock options, restricted stock, and restricted stock units. The calculation of diluted (loss) per common share for the three months ended June 30, 2022 excludes 6 million shares related to anti-dilutive stock equivalents due to the net loss for the quarter.

The calculation of diluted earnings per common share for the six months ended June 30, 2023 and 2022 excludes 2 million shares and 226 thousand shares, respectively, related to anti-dilutive stock options, restricted stock, and restricted stock units.