Earnings per Common Share Earnings per Common Share (Tables)

12 Months Ended

Dec. 31, 2022

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:


(in millions, except for per share data)	Year Ended December 31,
Earnings	2022		2021		2020
Net income (loss) available to common shareholders
Income (loss) from continuing operations	$	433	$	2,875	$	370
Less: Preferred stock dividends	36		36		36
Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest	(77)		761		157
Income (loss) from continuing operations available to common shareholders	474		2,078		177
Income (loss) from discontinued operations, net of tax	—		12		(419)
Net income (loss) available to common shareholders	$	474	$	2,090	$	(242)

Weighted-average common shares outstanding
Basic	100.7		116.7		127.4
Dilutive Effects:(1)
Warrants	7.2		6.7		1.7
RSUs	0.9		1.0		0.9
PSU awards	0.8		0.7		1.4
Stock Options	0.6		0.7		0.5
Diluted	110.2		125.8		131.9

Basic(2)
Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders	$	4.71	$	17.81	$	1.39
Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders	$	—	$	0.10	$	(3.29)
Income (loss) available to Voya Financial, Inc.'s common shareholders	$	4.71	$	17.92	$	(1.90)
Diluted(2)
Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders	$	4.30	$	16.52	$	1.34
Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders	$	—	$	0.10	$	(3.18)
Income (loss) available to Voya Financial, Inc.'s common shareholders	$	4.30	$	16.61	$	(1.84)

(1) For the year ended December 31, 2020, weighted average shares used for calculating earnings per share excludes the impact of forward contracts related to the share repurchase agreement entered into on December 28, 2020, as the inclusion of these instruments would be antidilutive to the earnings per share calculation. For more information on the share repurchase agreement, see the Shareholders' Equity Note to these Consolidated Financial Statements.

(2) 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.