Earnings per Common Share (Tables)

9 Months Ended

Sep. 30, 2021

Schedule of Earnings Per Share, Basic and Diluted

The following table presents a reconciliation of Net income (loss) and shares used in calculating basic and diluted net income (loss) per common share for the periods indicated:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions, except for per share data)	2021		2020		2021		2020
Earnings
Net income (loss) available to common shareholders:
Income (loss) from continuing operations	$	371	$	(73)	$	2,373	$	(71)
Less: Preferred stock dividends	14		14		32		32
Less: Net income (loss) attributable to noncontrolling interest	214		106		661		33
Income (loss) from continuing operations available to common shareholders	143		(193)		1,680		(136)
Income (loss) from discontinued operations, net of tax	(1)		(140)		7		(363)
Net income (loss) available to common shareholders	$	142	$	(333)	$	1,687	$	(499)

Weighted average common shares outstanding
Basic	113.4		126.3		118.8		127.8
Dilutive Effects(1)(2):
Warrants	6.7		—		6.5		—
RSU awards	1.0		—		1.0		—
PSU awards	0.7		—		0.8		—
Stock Options	0.6		—		0.7		—
Diluted	122.4		126.3		127.8		127.8

Basic(3)
Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders	$	1.25	$	(1.53)	$	14.13	$	(1.07)
Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders	$	(0.01)	$	(1.11)	$	0.06	$	(2.83)
Income (loss) available to Voya Financial, Inc.'s common shareholders	$	1.24	$	(2.64)	$	14.19	$	(3.90)
Diluted(3)
Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders	$	1.16	$	(1.53)	$	13.14	$	(1.07)
Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders	$	(0.01)	$	(1.11)	$	0.05	$	(2.83)
Income (loss) available to Voya Financial, Inc.'s common shareholders	$	1.15	$	(2.64)	$	13.19	$	(3.90)

(1) For the three months ended September 30, 2020, weighted average shares used for calculating basic and diluted earnings per share are the same, as the inclusion of 0.6 shares, 0.9 shares, 1.3 shares, and 0.4 shares for warrants, RSU awards, PSU awards, and stock options, respectively, would be antidilutive to the earnings per share calculation due to the net loss from continuing operations available to common shareholders in the period.

(2) For the nine months ended September 30, 2020, weighted average shares used for calculating basic and diluted earnings per share are the same, as the inclusion of 1.2 shares, 0.9 shares, 1.3 shares, and 0.4 shares for warrants, RSU awards, PSU awards, and stock options, respectively, would be antidilutive to the earnings per share calculation due to the net loss from continuing operations available to common shareholders in the period.

(3) Basic and diluted earnings per share are calculated using unrounded, actual amounts. Therefore, the components of earnings per share may not sum to its corresponding total.