EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2023

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	2023		2022
Earnings per common share
Income from continuing operations before attribution of noncontrolling interests	$	4,652	$	4,325
Less: Noncontrolling interests from continuing operations	45		17
Net income from continuing operations (for EPS purposes)	$	4,607	$	4,308
Income (loss) from discontinued operations, net of taxes	(1)		(2)
Citigroup’s net income	$	4,606	$	4,306
Less: Preferred dividends	277		279
Net income available to common shareholders	$	4,329	$	4,027
Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with rights to dividends, applicable to basic EPS	34		25
Net income allocated to common shareholders for basic EPS	$	4,295	$	4,002
Weighted-average common shares outstanding applicable to basic EPS (in millions)	1,943.5		1,971.7
Basic earnings per share(1)
Income from continuing operations	$	2.21	$	2.03
Discontinued operations	—		—
Net income per share—basic	$	2.21	$	2.03
Diluted earnings per share
Net income allocated to common shareholders for basic EPS	$	4,295	$	4,002
Add back: Dividends allocated to employee restricted and deferred shares with rights to dividends that are forfeitable	11		8
Net income allocated to common shareholders for diluted EPS	$	4,306	$	4,010
Weighted-average common shares outstanding applicable to basic EPS (in millions)	1,943.5		1,971.7
Effect of dilutive securities
Options(2)	—		—
Other employee plans	20.6		16.5
Adjusted weighted-average common shares outstanding applicable to diluted EPS (in millions)(3)	1,964.1		1,988.2
Diluted earnings per share(1)
Income from continuing operations	$	2.19	$	2.02
Discontinued operations	—		—
Net income per share—diluted	$	2.19	$	2.02

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

(2) During the first quarters of 2023 and 2022, no significant options to purchase shares of common stock were outstanding.

(3) 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.