Earnings Per Common Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

EARNINGS PER COMMON SHARE

8.    EARNINGS PER COMMON SHARE

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Earnings per common share:
Net income attributable to Valero stockholders	$	880	$	1,944	$	2,125	$	5,011
Less: Income allocated to participating securities	3		6		6		16
Net income available to common stockholders	$	877	$	1,938	$	2,119	$	4,995
Weighted-average common shares outstanding	324		358		327		363
Earnings per common share	$	2.71	$	5.41	$	6.47	$	13.75
Earnings per common share – assuming dilution:
Net income attributable to Valero stockholders	$	880	$	1,944	$	2,125	$	5,011
Less: Income allocated to participating securities	3		6		6		16
Net income available to common stockholders	$	877	$	1,938	$	2,119	$	4,995
Weighted-average common shares outstanding	324		358		327		363
Effect of dilutive securities	—		—		—		—
Weighted-average common shares outstanding – assuming dilution	324		358		327		363
Earnings per common share – assuming dilution	$	2.71	$	5.40	$	6.47	$	13.74

Participating securities include restricted stock and performance awards granted under our 2020 Omnibus Stock Incentive Plan (OSIP) or our 2011 OSIP. Dilutive securities include participating securities as well as outstanding stock options. For the three and six months ended June 30, 2024 and 2023, we computed earnings per common share – assuming dilution using the two-class method for all dilutive securities.