Earnings Per Common Share

3 Months Ended

Mar. 31, 2019

10.

EARNINGS PER COMMON SHARE

Earnings per common share were computed as follows (dollars and shares in millions, except per share amounts):



	Three Months Ended March 31,
	2019		2018
Earnings per common share:
Net income attributable to Valero stockholders	$	141	$	469
Less income allocated to participating securities	1		1
Net income available to common stockholders	$	140	$	468

Weighted-average common shares outstanding	416		431

Earnings per common share	$	0.34	$	1.09

Earnings per common share – assuming dilution:
Net income attributable to Valero stockholders	$	141	$	469

Weighted-average common shares outstanding	416		431
Effect of dilutive securities	2		1
Weighted-average common shares outstanding – assuming dilution	418		432

Earnings per common share – assuming dilution	$	0.34	$	1.09

Participating securities include restricted stock and performance awards granted under our 2011 Omnibus Stock Incentive Plan. Dilutive securities include participating securities as well as outstanding stock options granted under our 2011 Omnibus Stock Incentive Plan.