EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2021

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	2021		2020		2021		2020
Earnings per common share
Income from continuing operations before attribution of noncontrolling interests	$	6,193	$	1,057	$	14,170	$	3,605
Less: Noncontrolling interests from continuing operations	10		—		43		(6)
Net income from continuing operations (for EPS purposes)	$	6,183	$	1,057	$	14,127	$	3,611
Income (loss) from discontinued operations, net of taxes	10		(1)		8		(19)
Citigroup’s net income	$	6,193	$	1,056	$	14,135	$	3,592
Less: Preferred dividends(1)	253		253		545		544
Net income available to common shareholders	$	5,940	$	803	$	13,590	$	3,048
Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with rights to dividends, applicable to basic EPS	41		11		107		32
Net income allocated to common shareholders for basic EPS	$	5,899	$	792	$	13,483	$	3,016
Weighted-average common shares outstanding applicable to basic EPS (in millions)	2,056.5		2,081.7		2,069.3		2,089.8
Basic earnings per share(2)
Income from continuing operations	$	2.86	$	0.38	$	6.51	$	1.45
Discontinued operations	—		—		—		(0.01)
Net income per share—basic	$	2.87	$	0.38	$	6.52	$	1.44
Diluted earnings per share
Net income allocated to common shareholders for basic EPS	$	5,899	$	792	$	13,483	$	3,016
Add back: Dividends allocated to employee restricted and deferred shares with rights to dividends that are forfeitable	8		—		15		15
Net income allocated to common shareholders for diluted EPS	$	5,907	$	792	$	13,498	$	3,031
Weighted-average common shares outstanding applicable to basic EPS (in millions)	2,056.5		2,081.7		2,069.3		2,089.8
Effect of dilutive securities
Options(3)	—		—		—		—
Other employee plans	16.5		2.6		15.5		13.2
Adjusted weighted-average common shares outstanding applicable to diluted EPS (in millions)(4)	2,073.0		2,084.3		2,084.8		2,103.0
Diluted earnings per share(2)
Income from continuing operations	$	2.84	$	0.38	$	6.47	$	1.45
Discontinued operations	—		—		—		(0.01)
Net income per share—diluted	$	2.85	$	0.38	$	6.47	$	1.44

(1)On July 15, 2021, Citi declared preferred dividends of approximately $266 million for the third 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 and Citi also issued 2.3 million of Series X preferred shares for $2.3 billion. During the second quarter of 2021, Citi redeemed all of its 1.25 million Series Q preferred shares for $1.25 billion and the remaining 1.035 million Series R preferred shares for $1.035 billion. As of August 4, 2021, Citi estimates it will distribute preferred dividends of approximately $228 million in the fourth quarter of 2021, 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 and second quarters 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.