Earnings per Common Share

6 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Earnings per Common Share

Earnings per Common Share

The following table presents a reconciliation of Net income (loss) and shares used in calculating basic and diluted net income (loss) per common share for the periods indicated:

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions, except for per share data)	2020		2019		2020		2019
Earnings
Net income (loss) available to common shareholders:
Income (loss) from continuing operations	$	(53)	$	210	$	(3)	$	303
Less: Preferred stock dividends	4		—		18		10
Less: Net income (loss) attributable to noncontrolling interest	(79)		26		(73)		25
Income (loss) from continuing operations available to common shareholders	22		184		52		268
Income (loss) from discontinued operations, net of tax	(93)		42		(221)		22
Net income (loss) available to common shareholders	$	(71)	$	226	$	(169)	$	290
Weighted average common shares outstanding
Basic	126.2		144.1		128.6		145.5
Dilutive Effects:
Warrants(1)	—		2.3		1.5		1.2
RSU awards	0.8		1.2		1.0		1.3
PSU awards	1.0		1.6		1.4		2.0
Stock Options	0.3		0.7		0.4		0.6
Diluted	128.3		149.9		132.9		150.6
Basic(2)
Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders	$	0.17	$	1.27	$	0.40	$	1.84
Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders	$	(0.73)	$	0.29	$	(1.72)	$	0.15
Income (loss) available to Voya Financial, Inc.'s common shareholders	$	(0.56)	$	1.57	$	(1.32)	$	1.99
Diluted(2)
Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders	$	0.17	$	1.22	$	0.39	$	1.78
Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders	$	(0.72)	$	0.28	$	(1.66)	$	0.15
Income (loss) available to Voya Financial, Inc.'s common shareholders	$	(0.55)	$	1.51	$	(1.27)	$	1.93

⁽¹⁾ For the three months ended June 30, 2020, weighted average shares used for calculating basic and diluted earnings per share excludes the dilutive impact of warrants, as the inclusion of this equity instrument would be antidilutive to the earnings per share calculation due to "out of the moneyness" in the periods presented. For more information on warrants, see the Shareholders' Equity Note to these Condensed Consolidated Financial Statements.

⁽²⁾ Basic and diluted earnings per share are calculated using unrounded, actual amounts. Therefore, the components of earnings per share may not sum to its corresponding total.