Earnings Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share

We compute basic earnings per share by dividing net income attributable to MPC less income allocated to participating securities by the weighted average number of shares of common stock outstanding. Since MPC grants certain incentive compensation awards to employees and non-employee directors that are considered to be participating securities, we have calculated our earnings per share using the two-class method. Diluted income per share assumes exercise of certain share-based compensation awards, provided the effect is not anti-dilutive.


	Three Months Ended March 31,
(In millions, except per share data)	2023		2022
Net income	$	3,084	$	1,172
Net income attributable to noncontrolling interest	(360)		(327)
Net income allocated to participating securities	(2)		—
Redemption of preferred units	(2)		—


Income available to common stockholders	$	2,720	$	845

Weighted average common shares outstanding:
Basic	444		564
Effect of dilutive securities	3		4
Diluted	447		568

Income available to common stockholders per share:
Basic:


Net income attributable to MPC per share	$	6.13	$	1.50

Diluted:


Net income attributable to MPC per share	$	6.09	$	1.49

The following table summarizes the shares that were anti-dilutive and, therefore, were excluded from the diluted share calculation.


	Three Months Ended March 31,
(In millions)	2023	2022
Shares issuable under share-based compensation plans	—	—