Earnings per Share

9 Months Ended

Sep. 30, 2020

(shares in thousands)

The following table sets forth the computation of basic and diluted earnings per share of common stock of Xerox Holdings:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Basic Earnings per Share
Net Income from Continuing Operations Attributable to Xerox Holdings	$	90	$	157	$	115	$	382
Accrued dividends on preferred stock	(4)		(4)		(11)		(11)
Adjusted Net income from continuing operations available to common shareholders	86		153		104		371
Income from discontinued operations attributable to Xerox Holdings, net of tax	—		64		—		153
Adjusted Net income available to common shareholders	$	86	$	217	$	104	$	524

Weighted average common shares outstanding	211,169		220,269		212,163		224,257

Basic Earnings per Share:
Continuing operations	$	0.41	$	0.70	$	0.49	$	1.66
Discontinued operations	—		0.29		—		0.68
Basic Earnings per Share	$	0.41	$	0.99	$	0.49	$	2.34

Diluted Earnings per Share
Net Income from Continuing Operations Attributable to Xerox Holdings	$	90	$	157	$	115	$	382
Accrued dividends on preferred stock	(4)		—		(11)		—
Adjusted Net income from continuing operations available to common shareholders	86		157		104		382
Income from discontinued operations attributable to Xerox Holdings, net of tax	—		64		—		153
Adjusted Net income available to common shareholders	$	86	$	221	$	104	$	535

Weighted average common shares outstanding	211,169		220,269		212,163		224,257
Common shares issuable with respect to:
Stock options	—		42		20		37
Restricted stock and performance shares	1,538		4,014		2,600		4,429
Convertible preferred stock	—		6,742		—		6,742

Adjusted Weighted average common shares outstanding	212,707		231,067		214,783		235,465

Diluted Earnings per Share:
Continuing operations	$	0.41	$	0.68	$	0.49	$	1.62
Discontinued operations	—		0.28		—		0.65
Diluted Earnings per Share	$	0.41	$	0.96	$	0.49	$	2.27

The following securities were not included in the computation of diluted earnings per share as they were either contingently issuable shares or shares that if included would have been anti-dilutive:
Stock options	808		841		788		847
Restricted stock and performance shares	3,118		2,358		2,055		1,944
Convertible preferred stock	6,742		—		6,742		—
Total Anti-Dilutive Securities	10,668		3,199		9,585		2,791

Dividends per Common Share	$	0.25	$	0.25	$	0.75	$	0.75