Earnings Per Common Share (EPS)

9 Months Ended

Sep. 30, 2022

13. Earnings Per Common Share (EPS)

The basic EPS computation is based on the weighted average number of common shares outstanding, adjusted to reflect all stock dividends and stock splits. The diluted EPS computation is based on those shares used in the basic EPS computation plus common shares that would have been outstanding assuming issuance of common shares for all dilutive potential common shares outstanding and adjusted to reflect all stock dividends and stock splits, using the treasury stock method or the if-converted method, as applicable.

The following table presents the computation of basic and diluted EPS:


		Three Months Ended September 30,				Nine Months Ended September 30,
(dollars in millions, except per common share data)		2022		2021		2022		2021
Numerator for EPS:
Income from continuing operations	$	3,041	$	1,737	$	11,090	$	5,817
Less: Net income from continuing operations attributable to noncontrolling interests		332		70		1,084		175
Less: Preferred stock dividends		7		7		22		22
Income attributable to AIG common shareholders from continuing operations		2,702		1,660		9,984		5,620
Income (loss) from discontinued operations, net of income tax expense		—		—		(1)		—
Net income attributable to AIG common shareholders	$	2,702	$	1,660	$	9,983	$	5,620
Denominator for EPS:
Weighted average common shares outstanding - basic		763,051,482		852,765,263		789,888,322		861,211,983
Dilutive common shares		8,080,919		11,254,231		9,204,234		9,790,035
Weighted average common shares outstanding - diluted(a)		771,132,401		864,019,494		799,092,556		871,002,018
Income per common share attributable to AIG common shareholders:
Basic:
Income from continuing operations	$	3.54	$	1.95	$	12.64	$	6.53
Income from discontinued operations	$	—	$	—	$	—	$	—
Income attributable to AIG common shareholders	$	3.54	$	1.95	$	12.64	$	6.53
Diluted:
Income from continuing operations	$	3.50	$	1.92	$	12.49	$	6.45
Income from discontinued operations	$	—	$	—	$	—	$	—
Income attributable to AIG common shareholders	$	3.50	$	1.92	$	12.49	$	6.45

(a)Potential dilutive common shares include our share-based employee compensation plans, a weighted average portion of the 10-year warrants issued to AIG shareholders as part of AIG’s recapitalization in January 2011, which expired in January 2021 and an option for Blackstone to exchange all or a portion of its ownership interest in Corebridge for AIG common shares in the event an IPO did not occur prior to 2024. As a result of the consummation of the IPO on September 19, 2022, this exchange right of Blackstone was terminated. The number of common shares excluded from diluted shares outstanding was 6.0 million and 30.8 million for the three- and nine-month periods ended September 30, 2022, respectively, and 5.2 million and 6.6 million for the three- and nine-month periods ended September 30, 2021, respectively, because the effect of including those common shares in the calculation would have been anti-dilutive.

For information regarding the Blackstone option to exchange all or a portion of its ownership interest in Corebridge for AIG common shares, see Note 1. For information regarding our repurchases of AIG Common Stock, see Note 12.