Earnings Per Common Share

12 Months Ended

Dec. 31, 2023

16. EARNINGS PER COMMON SHARE

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


	Year Ended December 31,
	2023		2022		2021
Earnings per common share:
Net income attributable to Valero stockholders	$	8,835	$	11,528	$	930
Less: Income allocated to participating securities	27		43		6
Net income available to common stockholders	$	8,808	$	11,485	$	924

Weighted-average common shares outstanding	353		395		407

Earnings per common share	$	24.93	$	29.05	$	2.27

Earnings per common share – assuming dilution:
Net income attributable to Valero stockholders	$	8,835	$	11,528	$	930
Less: Income allocated to participating securities	27		43		6
Net income available to common stockholders	$	8,808	$	11,485	$	924

Weighted-average common shares outstanding	353		395		407
Effect of dilutive securities	—		1		—
Weighted-average common shares outstanding – assuming dilution	353		396		407

Earnings per common share – assuming dilution	$	24.92	$	29.04	$	2.27

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. For the years ended December 31, 2023, 2022, and 2021, we computed earnings per common share – assuming dilution using the two-class method for all dilutive securities.