Earnings and Dividends per Share

12 Months Ended

Dec. 31, 2022

Earnings and Dividends Per Share [Abstract]

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 the periods. Diluted earnings per share include the effects of certain stock options and performance stock units.


	Year Ended December 31,
	2022		2021		2020
Net income attributable to Westlake Corporation	$	2,247	$	2,015	$	330
Less:
Net income attributable to participating securities	(12)		(10)		(1)
Net income attributable to common shareholders	$	2,235	$	2,005	$	329

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


	Year Ended December 31,
	2022		2021		2020
Weighted average common shares—basic	127,970,445		128,002,911		127,850,592
Plus incremental shares from:
Assumed exercise of options and vesting of performance stock units	875,117		695,071		238,466
Weighted average common shares—diluted	128,845,562		128,697,982		128,089,058

Earnings per common share attributable to Westlake Corporation:
Basic	$	17.46	$	15.66	$	2.57
Diluted	$	17.34	$	15.58	$	2.56

Excluded from the computation of diluted earnings per share for the years ended December 31, 2022, 2021 and 2020 are options to purchase 315,864, 461,618 and 1,151,776 shares of common stock, 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 years ended December 31, 2022, 2021 and 2020 were as follows:


	Year Ended December 31,
	2022		2021		2020
Dividends per common share	$	1.3090	$	1.1350	$	1.0650