EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2023

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	2023		2022		2023		2022
Earnings per common share
Income from continuing operations before attribution of noncontrolling interests	$	3,585	$	3,515	$	11,189	$	12,629
Less: Noncontrolling interests from continuing operations	41		30		122		68
Net income from continuing operations (for EPS purposes)	$	3,544	$	3,485	$	11,067	$	12,561
Income (loss) from discontinued operations, net of taxes	2		(6)		—		(229)
Citigroup’s net income	$	3,546	$	3,479	$	11,067	$	12,332
Less: Preferred dividends	333		277		898		794
Net income available to common shareholders	$	3,213	$	3,202	$	10,169	$	11,538
Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with rights to dividends, and other relevant items(1), applicable to basic EPS	53		28		121		89
Net income allocated to common shareholders for basic EPS	$	3,160	$	3,174	$	10,048	$	11,449
Weighted-average common shares outstanding applicable to basic EPS (in millions)	1,924.4		1,936.8		1,936.9		1,950.0
Basic earnings per share(2)
Income from continuing operations	$	1.64	$	1.64	$	5.19	$	5.99
Discontinued operations	—		—		—		(0.12)
Net income per share—basic	$	1.64	$	1.64	$	5.19	$	5.87
Diluted earnings per share
Net income allocated to common shareholders for basic EPS	$	3,160	$	3,174	$	10,048	$	11,449
Add back: Dividends allocated to employee restricted and deferred shares with rights to dividends that are forfeitable	16		11		42		30
Net income allocated to common shareholders for diluted EPS	$	3,176	$	3,185	$	10,090	$	11,479
Weighted-average common shares outstanding applicable to basic EPS (in millions)	1,924.4		1,936.8		1,936.9		1,950.0
Effect of dilutive securities
Options(3)	—		—		—		—
Other employee plans	27.3		18.3		24.6		17.1
Adjusted weighted-average common shares outstanding applicable to diluted EPS (in millions)(4)	1,951.7		1,955.1		1,961.5		1,967.1
Diluted earnings per share(2)
Income from continuing operations	$	1.63	$	1.63	$	5.14	$	5.95
Discontinued operations	—		—		—		(0.12)
Net income per share—diluted(5)	$	1.63	$	1.63	$	5.14	$	5.84

(1)Other relevant items includes issuance costs of $16 million related to the redemption of preferred stock Series A and B in the third quarter of 2023. These issuance costs were reclassified from Additional paid-in capital to Retained earnings upon redemption of the preferred stock. See Note 19.

(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 quarters of 2023 and 2022, 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.

(5) Due to rounding, income from continuing operations and discontinued operations may not sum to net income per share—diluted.