EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2021

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	2021		2020
Earnings per common share
Income from continuing operations before attribution of noncontrolling interests	$	7,977	$	2,548
Less: Noncontrolling interests from continuing operations	33		(6)
Net income from continuing operations (for EPS purposes)	$	7,944	$	2,554
Loss from discontinued operations, net of taxes	(2)		(18)
Citigroup’s net income	$	7,942	$	2,536
Less: Preferred dividends(1)	292		291
Net income available to common shareholders	$	7,650	$	2,245
Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with rights to dividends, applicable to basic EPS	66		21
Net income allocated to common shareholders for basic EPS	$	7,584	$	2,224
Weighted-average common shares outstanding applicable to basic EPS (in millions)	2,082.0		2,097.9
Basic earnings per share(2)
Income from continuing operations	$	3.64	$	1.07
Discontinued operations	—		(0.01)
Net income per share—basic	$	3.64	$	1.06
Diluted earnings per share
Net income allocated to common shareholders for basic EPS	$	7,584	$	2,224
Add back: Dividends allocated to employee restricted and deferred shares with rights to dividends that are forfeitable	7		7
Net income allocated to common shareholders for diluted EPS	$	7,591	$	2,231
Weighted-average common shares outstanding applicable to basic EPS (in millions)	2,082.0		2,097.9
Effect of dilutive securities
Options(3)	0.1		0.1
Other employee plans	14.5		15.7
Adjusted weighted-average common shares outstanding applicable to diluted EPS (in millions)(4)	2,096.6		2,113.7
Diluted earnings per share(2)
Income from continuing operations	$	3.62	$	1.06
Discontinued operations	—		(0.01)
Net income per share—diluted	$	3.62	$	1.06

(1)On April 1, 2021, Citi declared preferred dividends of approximately $253 million for the second quarter of 2021. During the first quarter of 2021, Citi redeemed all of its 41.4 million Series S preferred shares for $1.035 billion and 465,000 shares of its Series R preferred shares for $465 million; in February, Citi also issued 2.3 million of Series X preferred shares for $2.3 billion. On April 16, 2021, Citi announced that it will be redeeming all of its 1.25 million Series Q preferred shares for $1.25 billion and 1.035 million shares of its Series R preferred shares for $1.035 billion. As of May 5, 2021, Citi estimates it will distribute preferred dividends of approximately $266 million and $228 million in the third and fourth quarters of 2021, respectively, subject to such dividends being declared by the Citi Board of Directors.

(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 2021 and 2020, 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.