EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 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	$	3,261	$	4,943	$	7,112	$	14,472
Less: Noncontrolling interests from continuing operations	24		15		18		50
Net income from continuing operations (for EPS purposes)	$	3,237	$	4,928	$	7,094	$	14,422
Loss from discontinued operations, net of taxes	(7)		(15)		(26)		—
Citigroup’s net income	$	3,230	$	4,913	$	7,068	$	14,422
Less: Preferred dividends(1)	284		254		828		812
Net income available to common shareholders	$	2,946	$	4,659	$	6,240	$	13,610
Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with rights to dividends, applicable to basic EPS	18		27		50		88
Net income allocated to common shareholders for basic EPS	$	2,928	$	4,632	$	6,190	$	13,522
Weighted-average common shares outstanding applicable to basic EPS (in millions)	2,081.8		2,220.8		2,087.1		2,282.4
Basic earnings per share(2)
Income from continuing operations	$	1.41	$	2.09	$	2.98	$	5.92
Discontinued operations	—		(0.01)		(0.01)		—
Net income per share—basic	$	1.41	$	2.09	$	2.97	$	5.92
Diluted earnings per share
Net income allocated to common shareholders for basic EPS	$	2,928	$	4,632	$	6,190	$	13,522
Add back: Dividends allocated to employee restricted and deferred shares with rights to dividends that are forfeitable	7		9		21		24
Net income allocated to common shareholders for diluted EPS	$	2,935	$	4,641	$	6,211	$	13,546
Weighted-average common shares outstanding applicable to basic EPS (in millions)	2,081.8		2,220.8		2,087.1		2,282.4
Effect of dilutive securities
Options(3)	—		0.1		—		0.1
Other employee plans	12.5		16.2		13.0		15.7
Adjusted weighted-average common shares outstanding applicable to diluted EPS (in millions)(4)	2,094.3		2,237.1		2,100.1		2,298.2
Diluted earnings per share(2)
Income from continuing operations	$	1.40	$	2.08	$	2.97	$	5.89
Discontinued operations	—		(0.01)		(0.01)		—
Net income per share—diluted	$	1.40	$	2.07	$	2.96	$	5.89

(1)On October 22, 2020, Citi declared preferred dividends of approximately $267 million for the fourth quarter of 2020. 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 third quarter of 2020, weighted-average options to purchase 0.1 million shares of common stock were outstanding but not included in the computation of earnings per share because the weighted-average exercise price of $56.25 per share was anti-dilutive. During the third quarter of 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.