Earnings Per Common Share

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

EARNINGS PER COMMON SHARE

16.

EARNINGS PER COMMON SHARE

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

	Year Ended December 31,
	2019		2018		2017
Earnings per common share
Net income attributable to Valero stockholders	$	2,422	$	3,122	$	4,065
Less: Income allocated to participating securities	7		9		14
Net income available to common shareholders	$	2,415	$	3,113	$	4,051
Weighted-average common shares outstanding	413		426		442
Earnings per common share	$	5.84	$	7.30	$	9.17
Earnings per common share – assuming dilution
Net income attributable to Valero stockholders	$	2,422	$	3,122	$	4,065
Weighted-average common shares outstanding	413		426		442
Effect of dilutive securities	1		2		2
Weighted-average common shares outstanding – assuming dilution	414		428		444
Earnings per common share – assuming dilution	$	5.84	$	7.29	$	9.16

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.