Earnings Per Common Share

12 Months Ended

Dec. 31, 2021

The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per common share computations in 2021, 2020 and 2019 (in millions, except per share amounts):


	Year Ended December 31,
	2021		2020		2019
Basic:
Net income attributable to Intercontinental Exchange, Inc.	$	4,058	$	2,089	$	1,933
Weighted average common shares outstanding	562		552		561
Basic earnings per common share	$	7.22	$	3.79	$	3.44
Diluted:
Weighted average common shares outstanding	562		552		561
Effect of dilutive securities - stock options and restricted stock	3		3		4
Diluted weighted average common shares outstanding	565		555		565
Diluted earnings per common share	$	7.18	$	3.77	$	3.42

Basic earnings per common share is calculated using the weighted average common shares outstanding during the periods. Changes in the weighted average common shares outstanding between years was primarily due to the stock issued in 2020 for the Ellie Mae acquisition, and by stock repurchases.

Common equivalent shares from stock options and restricted stock awards, calculated using the treasury stock method, are included in the diluted per share calculations unless the effect of their inclusion would be antidilutive. During 2021, 2020 and 2019 281,000, 372,000 and 454,000 outstanding stock options, respectively, were not included in the computation of diluted earnings per common share because to do so would have had an antidilutive effect. In addition, we excluded warrants and preferred and common incentive units under the Bakkt Equity Incentive Plan in 2020 and 2019 because they were also antidilutive. None of these warrants and preferred/common units are outstanding as of December 31, 2021 due to the deconsolidation of Bakkt. As of both December 31, 2021 and 2020, there were 50,000 and 89,000, respectively, of restricted stock units that were vested but have not been issued that are included in the computation of diluted earnings per share. Certain figures in the table above may not recalculate due to rounding.