Earnings Per Share

9 Months Ended

Sep. 30, 2020

The calculations of earnings per share are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
($ and shares in millions except per share amounts)	2020		2019		2020		2019
Net income attributable to Merck & Co., Inc.	$	2,941	$	1,901	$	9,161	$	7,487
Average common shares outstanding	2,529		2,558		2,530		2,572
Common shares issuable (1)	9		14		11		15
Average common shares outstanding assuming dilution	2,538		2,572		2,541		2,587
Basic earnings per common share attributable to Merck & Co., Inc. common shareholders	$	1.16	$	0.74	$	3.62	$	2.91
Earnings per common share assuming dilution attributable to Merck & Co., Inc. common shareholders	$	1.16	$	0.74	$	3.61	$	2.89

(1)Issuable primarily under share-based compensation plans.

For the third quarter of 2020 and 2019, 5 million and 3 million, respectively, and for the first nine months of 2020 and 2019, 5 million and 2 million, respectively, of common shares issuable under share-based compensation plans were excluded from the computation of earnings per common share assuming dilution because the effect would have been antidilutive.