Earnings and Dividends per Share (Notes)

6 Months Ended

Jun. 30, 2023

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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net income attributable to Westlake Corporation	$	297	$	858	$	691	$	1,614
Less:
Net income attributable to participating securities	(1)		(5)		(3)		(9)
Net income attributable to common shareholders	$	296	$	853	$	688	$	1,605

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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Weighted average common shares—basic	127,649,341		128,341,132		127,599,093		128,206,988
Plus incremental shares from:
Assumed exercise of options and vesting of performance stock units	834,675		999,964		872,667		927,258
Weighted average common shares—diluted	128,484,016		129,341,096		128,471,760		129,134,246
Earnings per common share attributable to Westlake Corporation:
Basic	$	2.32	$	6.65	$	5.39	$	12.52
Diluted	$	2.31	$	6.60	$	5.35	$	12.43

Excluded from the computation of diluted earnings per share are options to purchase 386,526 and 217,729 shares of common stock for the three months ended June 30, 2023 and 2022, respectively; and 347,470 and 160,142 shares of common stock for the six months ended June 30, 2023 and 2022, 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 declared per common share for the six months ended June 30, 2023 and 2022 were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Dividends per common share	$	0.3570	$	0.2975	$	0.7140	$	0.5950