10. EARNINGS PER SHARE

The following is a reconciliation of the income and share data used in the basic and diluted earnings per share (EPS) computations for the years ended December 31:

In millions, except shares and per-share amounts	2013		2012			2011(1)
Income from continuing operations before attribution of noncontrolling interests	$	13,630	$	7,818		$	11,147
Less: Noncontrolling interests from continuing operations	227		219			148
Net income from continuing operations (for EPS purposes)	$	13,403	$	7,599		$	10,999
Income (loss) from discontinued operations, net of taxes	270		(58		)	68
Less: Noncontrolling interests from discontinuing operations	—		—			—
Citigroup’s net income	$	13,673	$	7,541		$	11,067
Less: Preferred dividends(2)	194		26			26
Net income available to common shareholders	$	13,479	$	7,515		$	11,041
Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with nonforfeitable rights to dividends, applicable to basic EPS	263		166			186
Net income allocated to common shareholders for basic EPS	$	13,216	$	7,349		$	10,855
Add: Interest expense, net of tax, and dividends on convertible securities and adjustment of undistributed earnings allocated to employee restricted and deferred shares with nonforfeitable rights to dividends, applicable to diluted EPS	1		11			17
Net income allocated to common shareholders for diluted EPS	$	13,217	$	7,360		$	10,872
Weighted-average common shares outstanding applicable to basic EPS	3,035.8		2,930.6			2,909.8
Effect of dilutive securities
T-DECs(3)	—		84.2			87.6
Options(4)	5.3		—			0.8
Other employee plans	0.5		0.6			0.5
Convertible securities(5)	—		0.1			0.1
Adjusted weighted-average common shares outstanding applicable to diluted EPS	3,041.6		3,015.5			2,998.8
Basic earnings per share(6)
Income from continuing operations	$	4.27	$	2.53		$	3.71
Discontinued operations	0.09		(0.02		)	0.02
Net income	$	4.35	$	2.51		$	3.73
Diluted earnings per share(6)
Income from continuing operations	$	4.26	$	2.46		$	3.60
Discontinued operations	0.09		(0.02		)	0.02
Net income	$	4.35	$	2.44		$	3.63

(1) All per-share amounts and Citigroup shares outstanding reflect Citigroup’s 1-for-10 reverse stock split which was effective May 6, 2011.

(2) See Note 21 to the Consolidated Financial Statements for the potential future impact of preferred stock dividends.

(3) Pursuant to the terms of Citi’s previously outstanding Tangible Dividend Enhanced Common Stock Securities (T-DECs), on December 17, 2012, the Company delivered 96,337,772 shares of Citigroup common stock for the final settlement of the prepaid stock purchase contract. The impact of the T-DECs is fully reflected in the basic shares for 2013 and diluted shares for 2012 and 2011.

(4) During 2013, 2012 and 2011, weighted-average options to purchase 4.8 million, 35.8 million and 24.1 million shares of common stock, respectively, were outstanding but not included in the computation of earnings per share because the weighted-average exercise prices of $101.11, $54.23 and $92.89, respectively, were anti-dilutive.

(5) Warrants issued to the U.S. Treasury as part of the Troubled Asset Relief Program (TARP) and the loss-sharing agreement (all of which were subsequently sold to the public in January 2011), with an exercise price of $178.50 and $106.10 for approximately 21.0 million and 25.5 million shares of Citigroup common stock, respectively, were not included in the computation of earnings per share in 2013, 2012 and 2011 because they were anti-dilutive.

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