Weighted Average Shares Outstanding

12 Months Ended

Dec. 31, 2023

NOTE L – WEIGHTED AVERAGE SHARES OUTSTANDING


	Year Ended December 31,
(in millions)	2023	2022	2021
Weighted average shares outstanding - basic	1,453.0	1,430.5	1,422.3
Net effect of common stock equivalents	10.6	9.2	11.5
Weighted average shares outstanding - diluted	1,463.5	1,439.7	1,433.8

The following securities were excluded from the calculation of weighted average shares outstanding - diluted because their effect in the periods presented below would have been antidilutive:


	Year Ended December 31,
(in millions)	2023	2022	2021

Stock options outstanding(1)	0	6	3
MCPS(2)	10	24	24

(1) Represents stock options outstanding pursuant to our employee stock-based compensation plans with exercise prices that were greater than the average fair market value of our common stock for the related periods.

(2) Represents common stock issuable upon the conversion of MCPS. Refer to Note J – Stockholders' Equity for additional information.

We base Net income (loss) per common share - diluted upon the weighted-average number of common shares and common stock equivalents outstanding during each year. Potential common stock equivalents are determined using the treasury stock method. We exclude stock options, stock awards and, prior to the Mandatory Conversion Date, our MCPS, from the calculation if the effect would be anti-dilutive. The dilutive effect of MCPS is calculated using the if-converted method. The if-converted method assumes that these securities were converted to shares of common stock at the beginning of the reporting period to the extent that the effect is dilutive.

In 2023, 2022 and 2021, the effect of assuming the conversion of MCPS into shares of common stock was anti-dilutive, and therefore excluded from the calculation of earnings per share (EPS). Accordingly, Net income (loss) was reduced by cumulative Preferred stock dividends, as presented in our consolidated statements of operations, for purposes of calculating Net income (loss) attributable to Boston Scientific common stockholders. On June 1, 2023, all outstanding shares of MCPS automatically converted into shares of common stock.