Earnings per Share

12 Months Ended

Dec. 31, 2024

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.


(In millions, except per share data)	2024		2023		2022
Income from continuing operations, net of tax	$	5,067	$	11,172	$	15,978
Net income attributable to noncontrolling interest	(1,622)		(1,491)		(1,534)
Net income allocated to participating securities	(3)		(7)		(8)
Redemption of preferred units	—		(2)		—
Income from continuing operations available to common stockholders	3,442		9,672		14,436
Income from discontinued operations, net of tax	—		—		72
Income available to common stockholders	$	3,442	$	9,672	$	14,508

Weighted average common shares outstanding:
Basic	340		407		512
Effect of dilutive securities	1		2		4
Diluted	341		409		516

Income available to common stockholders per share:
Basic:
Continuing operations	$	10.11	$	23.73	$	28.17
Discontinued operations	—		—		0.14
Net income per share	$	10.11	$	23.73	$	28.31

Diluted:
Continuing operations	$	10.08	$	23.63	$	27.98
Discontinued operations	—		—		0.14
Net income per share	$	10.08	$	23.63	$	28.12

Potential common shares which were anti-dilutive and, therefore, omitted from the diluted share calculation, were immaterial for all periods.