Profit per share

12 Months Ended

Dec. 31, 2023


Computations of profit per share:
(Dollars in millions except per share data)	2023		2022		2021
Profit for the period (A) 1	$	10,335	$	6,705	$	6,489
Determination of shares (in millions):
Weighted average number of common shares outstanding (B)	510.6		526.9		544.0
Shares issuable on exercise of stock awards, net of shares assumed to be purchased out of proceeds at average market price	3.0		3.5		4.5
Average common shares outstanding for fully diluted computation (C) 2	513.6		530.4		548.5
Profit per share of common stock:
Assuming no dilution (A/B)	$	20.24	$	12.72	$	11.93
Assuming full dilution (A/C) 2	$	20.12	$	12.64	$	11.83
Shares outstanding as of December 31 (in millions)	499.4		516.3		535.9

1Profit attributable to common shareholders.

2Diluted by assumed exercise of stock-based compensation awards using the treasury stock method.

For the years ended December 31, 2023, 2022 and 2021, we excluded 0.8 million, 2.0 million and 1.1 million of outstanding stock options, respectively, from the computation of diluted earnings per share because the effect would have been antidilutive.

In July 2018, the Board approved a share repurchase authorization (the 2018 Authorization) of up to $10.0 billion of Caterpillar common stock effective January 1, 2019, with no expiration. In May 2022, the Board approved a new share repurchase authorization (the 2022 Authorization) of up to $15.0 billion of Caterpillar common stock effective August 1, 2022, with no expiration. Utilization of the 2022 Authorization for all share repurchases commenced on August 1, 2022, leaving $70 million unutilized under the 2018 Authorization. As of December 31, 2023, approximately $7.8 billion remained available under the 2022 Authorization.

During 2023, 2022 and 2021, we repurchased 19.5 million, 21.9 million and 13.0 million shares of Caterpillar common stock, respectively, at an aggregate cost of $4.7 billion, $4.2 billion and $2.7 billion, respectively. We made these purchases through a combination of accelerated stock repurchase agreements with third-party financial institutions and open market transactions.