Earnings and Dividends per Share (Notes)

9 Months Ended

Sep. 30, 2021

Earnings and Dividends Per Share [Abstract]

Earnings per Share

Earnings and Dividends per Share

Earnings per Share

The Company has unvested restricted stock units outstanding that are considered participating securities and, therefore, computes basic and diluted earnings per share under the two-class method. Basic earnings per share for the periods are based upon the weighted average number of shares of common stock outstanding during each period. Diluted earnings per share include the effects of certain stock options and performance stock units.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Net income attributable to Westlake Chemical Corporation	$	607	$	57	$	1,371	$	217
Less:
Net income attributable to participating securities	(3)		—		(7)		(1)
Net income attributable to common shareholders	$	604	$	57	$	1,364	$	216

The following table reconciles the denominator for the basic and diluted earnings per share computations shown in the consolidated statements of operations:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Weighted average common shares—basic	128,060,193		127,701,340		128,053,337		127,872,434
Plus incremental shares from:
Assumed exercise of options and vesting of performance stock units	705,621		252,567		656,760		200,632
Weighted average common shares—diluted	128,765,814		127,953,907		128,710,097		128,073,066
Earnings per common share attributable to Westlake Chemical Corporation:
Basic	$	4.71	$	0.45	$	10.65	$	1.69
Diluted	$	4.69	$	0.45	$	10.60	$	1.69

Excluded from the computation of diluted earnings per share are options to purchase 426,918 and 1,298,659 shares of common stock for the three months ended September 30, 2021 and 2020, respectively; and 476,162 and 1,234,126 shares of common stock for the nine months ended September 30, 2021 and 2020, respectively. These options were outstanding during the periods reported but were excluded because the effect of including them would have been antidilutive.

Dividends per Share

Dividends per common share for the three and nine months ended September 30, 2021 and 2020 were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Dividends per common share	$	0.2975	$	0.2700	$	0.8375	$	0.7950