EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2020

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 June 30,						Six Months Ended June 30,
In millions of dollars, except per share amounts	2020		2019		2020		2019
Earnings per common share
Income from continuing operations before attribution of noncontrolling interests	$	1,317	$	4,792	$	3,851	$	9,529
Less: Noncontrolling interests from continuing operations	—		10		(6)		35
Net income from continuing operations (for EPS purposes)	$	1,317	$	4,782	$	3,857	$	9,494
Loss from discontinued operations, net of taxes	(1)		17		(19)		15
Citigroup’s net income	$	1,316	$	4,799	$	3,838	$	9,509
Less: Preferred dividends⁽¹⁾	253		296		544		558
Net income available to common shareholders	$	1,063	$	4,503	$	3,294	$	8,951
Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with rights to dividends, applicable to basic EPS	11		50		32		109
Net income allocated to common shareholders for basic EPS	$	1,052	$	4,453	$	3,262	$	8,842
Weighted-average common shares outstanding applicable to basic EPS (in millions)	2,081.7		2,286.1		2,089.8		2,313.2
Basic earnings per share⁽²⁾
Income from continuing operations	$	0.51	$	1.94	$	1.57	$	3.81
Discontinued operations	—		0.01		(0.01)		0.01
Net income per share—basic	$	0.51	$	1.95	$	1.56	$	3.82
Diluted earnings per share
Net income allocated to common shareholders for basic EPS	$	1,052	$	4,453	$	3,262	$	8,842
Add back: Dividends allocated to employee restricted and deferred shares with rights to dividends that are forfeitable⁽³⁾	—		—		14		—
Net income allocated to common shareholders for diluted EPS	$	1,052	$	4,453	$	3,276	$	8,842
Weighted-average common shares outstanding applicable to basic EPS (in millions)	2,081.7		2,286.1		2,089.8		2,313.2
Effect of dilutive securities
Options⁽⁴⁾	—		—		—		0.1
Other employee plans⁽³⁾	2.6		2.9		13.2		2.4
Adjusted weighted-average common shares outstanding applicable to diluted EPS (in millions)⁽⁵⁾	2,084.3		2,289.0		2,103.0		2,315.7
Diluted earnings per share⁽²⁾
Income from continuing operations	$	0.51	$	1.94	$	1.57	$	3.81
Discontinued operations	—		0.01		(0.01)		0.01
Net income per share—diluted	$	0.50	$	1.95	$	1.56	$	3.82

(1)On July 15, 2020, Citi declared preferred dividends of approximately $284 million for the third quarter of 2020. As of August 4, 2020, Citi estimates it will distribute preferred dividends of approximately $253 million in the fourth quarter of 2020, 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)Certain securities are excluded from the second quarter of 2020 (three month period) balances due to anti-dilution.

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

(5)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.