EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Reconciliation of the income and share data used in the basic and diluted earnings per share computations

The following table reconciles the income and share data used in the basic and diluted earnings per share (EPS) computations:

	Three Months Ended March 31,
In millions of dollars, except per share amounts	2020			2019
Earnings per common share
Income from continuing operations before attribution of noncontrolling interests	$	2,534		$	4,737
Less: Noncontrolling interests from continuing operations	(6		)	25
Net income from continuing operations (for EPS purposes)	$	2,540		$	4,712
Loss from discontinued operations, net of taxes	(18		)	(2		)
Citigroup’s net income	$	2,522		$	4,710
Less: Preferred dividends(1)	291			262
Net income available to common shareholders	$	2,231		$	4,448
Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with rights to dividends, applicable to basic EPS	21			59
Net income allocated to common shareholders for basic EPS	$	2,210		$	4,389
Weighted-average common shares outstanding applicable to basic EPS (in millions)	2,097.9			2,340.4
Basic earnings per share(2)
Income from continuing operations	$	1.06		$	1.88
Discontinued operations	(0.01		)	—
Net income per share—basic	$	1.05		$	1.88
Diluted earnings per share
Net income allocated to common shareholders for basic EPS	$	2,210		$	4,389
Add back: Dividends allocated to employee restricted and deferred shares with rights to dividends that are forfeitable	7			—
Net income allocated to common shareholders for diluted EPS	$	2,217		$	4,389
Weighted-average common shares outstanding applicable to basic EPS (in millions)	2,097.9			2,340.4
Effect of dilutive securities
Options(3)	0.1			0.1
Other employee plans	15.7			1.9
Adjusted weighted-average common shares outstanding applicable to diluted EPS (in millions)(4)	2,113.7			2,342.4
Diluted earnings per share(2)
Income from continuing operations	$	1.06		$	1.87
Discontinued operations	(0.01		)	—
Net income per share—diluted	$	1.05		$	1.87

(1) On April 21, 2020, Citi declared preferred dividends of approximately $253 million for the second quarter of 2020. As of May 4, 2020, Citi estimates it will distribute preferred dividends of approximately $284 million and $253 million in the third and fourth quarters of 2020, respectively, subject to such dividends being declared by the Citi Board of Directors. During the first quarter of 2020, in March, Citi redeemed all of its 1.5 million Series O preferred shares for $1.5 billion; in January, Citi also issued 1.5 million of Series V preferred shares for $1.5 billion.

(2) Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income.

(3) During the first quarter of 2020 and 2019, no significant options to purchase shares of common stock were outstanding.

(4) Due to rounding, weighted-average common shares outstanding applicable to basic EPS and the effect of dilutive securities may not sum to weighted-average common shares outstanding applicable to diluted EPS.