Earnings Per Share

12 Months Ended

Dec. 31, 2024

EARNINGS PER SHARE

Basic earnings per share available to common stockholders are based on the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated using the treasury stock method and includes the effect of all potential issuances of common shares under stock-based incentive compensation arrangements.


	Year Ended December 31,
	2024		2023		2022
	(in millions, except share data)
Net income (loss) attributable to Vistra	$	2,659	$	1,493	$	(1,227)
Less cumulative dividends attributable to Series A Preferred Stock	(80)		(80)		(80)
Less cumulative dividends attributable to Series B Preferred Stock	(70)		(70)		(70)
Less cumulative dividends attributable to Series C Preferred Stock	(42)		—		—
Net income (loss) attributable to common stock — basic and diluted	2,467		1,343		(1,377)
Weighted average shares of common stock outstanding:
Basic	344,788,634		369,771,359		422,447,074
Dilutive securities: Stock-based incentive compensation plan	7,778,426		5,421,752		—
Diluted	352,567,060		375,193,110		422,447,074
Net income (loss) per weighted average share of common stock outstanding:
Basic	$	7.16	$	3.63	$	(3.26)
Diluted	$	7.00	$	3.58	$	(3.26)

Stock-based incentive compensation plan awards excluded from the calculation of diluted earnings per share because the effect would have been antidilutive were immaterial in the year ended December 31, 2024 and were 392,218 and 8,292,647 shares for the years ended December 31, 2023 and 2022, respectively.