Earnings and Dividends Per Common Share

12 Months Ended

Dec. 31, 2021

8. Earnings (Loss) and Dividends Per Common Share

Earnings (Loss) per Share Attributable to United States Steel Corporation Stockholders

Basic earnings (loss) per common share is based on the weighted average number of common shares outstanding during the period.

Diluted earnings (loss) per common share assumes the exercise of stock options, the vesting of restricted stock units and performance awards, provided in each case the effect is dilutive. The "treasury stock" method is used to calculate the dilutive effect of the Senior Convertible Notes due in 2026 (due to our current intent and policy, among other factors, to settle the principal amount of the 2026 Senior Convertible Notes in cash upon conversion).

The computations for basic and diluted earnings (loss) per common share from continuing operations are as follows:


(Dollars in millions, except per share amounts)	2021		2020		2019
Net earnings (loss) attributable to United States Steel Corporation stockholders	$	4,174	$	(1,165)	$	(630)
Weighted-average shares outstanding (in thousands):
Basic	264,667		196,721		171,418
Effect of convertible notes	11,126		—		—
Effect of stock options, restricted stock units and performance awards	4,651		—		—
Adjusted weighted-average shares outstanding, diluted	280,444		196,721		171,418
Basic earnings (loss) per common share	$	15.77	$	(5.92)	$	(3.67)
Diluted earnings (loss) per common share	$	14.88	$	(5.92)	$	(3.67)

The following table summarizes the securities that were antidilutive, and therefore, were not included in the computation of diluted earnings (loss) per common share:


(In thousands)	2021	2020	2019
Securities granted under the 2016 Omnibus Incentive Compensation Plan, as amended and restated	1,185	6,780	4,459
Securities convertible under the Senior Convertible Notes	—	—	650
Total	1,185	6,780	5,109

Dividends Paid per Share

Quarterly dividends on common stock were one cent per share in the first, second and third quarters and five cents per share in the fourth quarter in 2021. Quarterly dividends on common stock were one cent per share for each quarter in 2020 and five cents per share each quarter in 2019.