Earnings (Loss) Per Common Share

12 Months Ended

Dec. 31, 2020

17. EARNINGS (LOSS) PER COMMON SHARE

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


	Year Ended December 31,
	2020		2019		2018
Earnings (loss) per common share
Net income (loss) attributable to Valero stockholders	$	(1,421)	$	2,422	$	3,122
Less: Income allocated to participating securities	5		7		9
Net income (loss) available to common shareholders	$	(1,426)	$	2,415	$	3,113

Weighted-average common shares outstanding	407		413		426

Earnings (loss) per common share	$	(3.50)	$	5.84	$	7.30

Earnings (loss) per common share – assuming dilution
Net income (loss) attributable to Valero stockholders	$	(1,421)	$	2,422	$	3,122
Less: Income allocated to participating securities	5		7		9
Net income (loss) available to common shareholders	$	(1,426)	$	2,415	$	3,113

Weighted-average common shares outstanding	407		413		426
Effect of dilutive securities	—		1		2
Weighted-average common shares outstanding – assuming dilution	407		414		428

Earnings (loss) per common share – assuming dilution	$	(3.50)	$	5.84	$	7.29

Participating securities include restricted stock and performance awards granted under our 2020 OSIP or our 2011 OSIP. Dilutive securities include participating securities as well as outstanding stock options granted under our 2020 OSIP or our 2011 OSIP.