Earnings and Dividends per Share (Notes)

9 Months Ended

Sep. 30, 2020

Earnings and Dividends Per Share [Abstract]

Earnings per Share

Earnings and Dividends per Share

Earnings per Share

The Company has unvested restricted stock units outstanding that are considered participating securities and, therefore, computes basic and diluted earnings per share under the two-class method. Basic earnings per share for the periods are based upon the weighted average number of shares of common stock outstanding during each period. Diluted earnings per share include the effects of certain stock options and performance stock units.

	Three Months Ended September 30,					Nine Months Ended September 30,
	2020		2019			2020			2019
Net income attributable to Westlake Chemical Corporation	$	57	$	158		$	217		$	349
Less:
Net income attributable to participating securities	—		(1		)	(1		)	(2		)
Net income attributable to common shareholders	$	57	$	157		$	216		$	347

The following table reconciles the denominator for the basic and diluted earnings per share computations shown in the consolidated statements of operations:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Weighted average common shares—basic	127,701,340		128,216,105		127,872,434		128,408,841
Plus incremental shares from:
Assumed exercise of options and vesting of performance stock units	252,567		336,255		200,632		362,103
Weighted average common shares—diluted	127,953,907		128,552,360		128,073,066		128,770,944
Earnings per common share attributable to Westlake Chemical Corporation:
Basic	$	0.45	$	1.22	$	1.69	$	2.70
Diluted	$	0.45	$	1.22	$	1.69	$	2.69

Excluded from the computation of diluted earnings per share are options to purchase 1,298,659 and 805,878 shares of common stock for the three months ended September 30, 2020 and 2019, respectively; and 1,234,126 and 564,676 shares of common stock for the nine months ended September 30, 2020 and 2019, respectively. These options were outstanding during the periods reported but were excluded because the effect of including them would have been antidilutive.

Dividends per Share

Dividends per common share for the three and nine months ended September 30, 2020 and 2019 were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Dividends per common share	$	0.2700	$	0.2625	$	0.7950	$	0.7625