Earnings Per Share

9 Months Ended

Sep. 30, 2024

Earnings per share is computed using the treasury stock method. Stock options and stock appreciation rights to purchase 8 million and 7 million shares of common stock were outstanding, but were excluded from the calculation of diluted earnings per share for the three and nine-month periods ended September 30, 2024, respectively, because their exercise prices were greater than the average market price of the common shares and, therefore, the effect would be antidilutive. For the same reason, stock options and stock appreciation rights to purchase 9 million and 7 million shares of common stock were outstanding, but were excluded from the calculation of diluted earnings per share for the three and nine months ended September 30, 2023, respectively.

The following is a reconciliation of basic and diluted earnings per share for the three and nine months ended September 30, 2024 and 2023:


	Three Months Ended September 30,				Nine Months Ended September 30,
In millions, except per share amounts	2024		2023		2024		2023
Numerator for earnings per share calculation:



Net income attributable to CVS Health	$	87	$	2,261	$	2,970	$	6,298

Denominator for earnings per share calculation:
Weighted average shares, basic	1,259		1,287		1,258		1,284
Restricted stock units and performance stock units	—		2		3		3
Stock options and stock appreciation rights	—		1		1		2
Weighted average shares, diluted	1,259		1,290		1,262		1,289

Earnings per share:
Basic	$	0.07	$	1.76	$	2.36	$	4.90
Diluted	$	0.07	$	1.75	$	2.35	$	4.88