EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2024

The following table reconciles the income and share data used in the basic and diluted earnings per share (EPS) computations:


In millions of dollars, except per share amounts	2024		2023		2022
Earnings per common share
Income from continuing operations before attribution of noncontrolling interests	$	12,835	$	9,382	$	15,165
Less: Noncontrolling interests from continuing operations	151		153		89
Net income from continuing operations (for EPS purposes)	$	12,684	$	9,229	$	15,076
Loss from discontinued operations, net of taxes	(2)		(1)		(231)
Citigroup’s net income	$	12,682	$	9,228	$	14,845
Less: Preferred dividends	1,054		1,198		1,032
Net income available to common shareholders	$	11,628	$	8,030	$	13,813
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	170		180		113
Net income allocated to common shareholders for basic EPS	$	11,458	$	7,850	$	13,700
Weighted-average common shares outstanding applicable to basic EPS (in millions)	1,901.4		1,930.1		1,946.7
Basic earnings per share
Income from continuing operations	$	6.03	$	4.07	$	7.16
Discontinued operations	—		—		(0.12)
Net income per share—basic(2)	$	6.03	$	4.07	$	7.04
Diluted earnings per share
Net income allocated to common shareholders for basic EPS	$	11,458	$	7,850	$	13,700
Add back: Dividends allocated to employee restricted and deferred shares with rights to dividends that are forfeitable	74		57		41
Net income allocated to common shareholders for diluted EPS	$	11,532	$	7,907	$	13,741
Weighted-average common shares outstanding applicable to basic EPS (in millions)	$	1,901.4	$	1,930.1	$	1,946.7
Effect of dilutive securities(3)
Employee plans	38.7		25.7		17.6
Adjusted weighted-average common shares outstanding applicable to diluted EPS (in millions)	1,940.1		1,955.8		1,964.3
Diluted earnings per share
Income from continuing operations	$	5.95	$	4.04	$	7.11
Discontinued operations	—		—		(0.12)
Net income per share—diluted(2)	$	5.94	$	4.04	$	7.00

(1)Other relevant items in 2024 include issuance costs of $11 million, $5 million, $8 million and $12 million related to the redemption of preferred stock series M, U, D and the remaining redemption of preferred stock series J, respectively, and a benefit of $14 million related to the reversal in 2024 of the 1% excise tax on preferred stock redemptions during 2023 due to the IRS final regulations issued in June 2024. The issuance costs were reclassified from Additional paid-in capital to Retained earnings upon redemption of the preferred stock. See Note 22. The total for this line also includes dividends and undistributed earnings ($148 million combined for 2024) allocated to employee restricted and deferred shares with rights to dividends.

(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 2024, 2023 and 2022, there were no weighted-average options outstanding.