Earnings per Share

9 Months Ended

Sep. 30, 2023

14. Earnings per Share

The following table presents the calculation of basic and diluted earnings per share:


	Three Months Ended				Nine Months Ended
(MILLIONS OF DOLLARS AND SHARES, EXCEPT PER SHARE DATA)	September 30,				September 30,
	2023		2022		2023		2022
Numerator
Net income before allocation to noncontrolling interests	$	596	$	528	$	1,817	$	1,651
Less: Net loss attributable to noncontrolling interests	—		(1)		(2)		(2)
Net income attributable to Zoetis Inc.	$	596	$	529	$	1,819	$	1,653
Denominator
Weighted-average common shares outstanding	460.3		467.8		461.9		470.0
Common stock equivalents: stock options, RSUs, PSUs and DSUs	1.1		1.3		1.1		1.6
Weighted-average common and potential dilutive shares outstanding	461.4		469.1		463.0		471.6

Earnings per share attributable to Zoetis Inc. stockholders—basic	$	1.29	$	1.13	$	3.94	$	3.52
Earnings per share attributable to Zoetis Inc. stockholders—diluted	$	1.29	$	1.13	$	3.93	$	3.51

The number of stock options outstanding under the company’s Equity Plan that were excluded from the computation of diluted earnings per share, as the effect would have been antidilutive, were not material for the three and nine months ended September 30, 2023 and 2022.