Note 15 - Earnings Per Common Share

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Earnings Per Share [Text Block]

15.  Earnings Per Common Share

Basic earnings per common share are computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per common share assumes the issuance of common shares for all potentially dilutive securities outstanding.

The following table presents the reconciliation of the amounts used to compute basic and diluted earnings per common share (in millions, except per share amounts):

	Year ended December 31,
	2023		2022		2021
Net income attributable to Corning Incorporated	$	581	$	1,316	$	1,906
Less: Series A convertible preferred stock dividend						24
Less: Excess consideration paid for redemption of preferred shares (1)						803
Net income available to common shareholders - basic		581		1,316		1,079
Net income available to common shareholders - diluted	$	581	$	1,316	$	1,079
Weighted-average common shares outstanding - basic		848		843		828
Effect of dilutive securities:
Stock options and other awards		11		14		16
Weighted-average common shares outstanding - diluted		859		857		844
Basic earnings per common share	$	0.69	$	1.56	$	1.30
Diluted earnings per common share	$	0.68	$	1.54	$	1.28
Anti-dilutive potential shares excluded from diluted earnings per common share:
Series A convertible preferred stock dividend (1)(2)						31
Stock options and other awards		2		1
Total		2		1		31

(1)	Refer to Note 14 (Shareholders’ Equity) in the notes to the consolidated financial statements for more information.
(2)	For the year ended December 31, 2021, the Preferred Stock was anti-dilutive and therefore excluded from the calculation of diluted earnings per share.