Note 17 - Earnings Per Common Share

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

Basic earnings per common share are computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per common share assumes the issuance of common shares for all potentially dilutive securities outstanding.

The following table presents the reconciliation of the amounts used to compute basic and diluted earnings per common share from operations (in millions, except per share amounts):

	Year ended December 31,
	2022		2021		2020
Net income attributable to Corning Incorporated	$	1,316	$	1,906	$	512
Less: Series A convertible preferred stock dividend				24		98
Less: Excess consideration paid for redemption of preferred shares (1)				803
Net income available to common shareholders - basic		1,316		1,079		414
Net income available to common shareholders - diluted	$	1,316	$	1,079	$	414
Weighted-average common shares outstanding - basic		843		828		761
Effect of dilutive securities:
Stock options and other dilutive securities		14		16		11
Weighted-average common shares outstanding - diluted		857		844		772
Basic earnings per common share	$	1.56	$	1.30	$	0.54
Diluted earnings per common share	$	1.54	$	1.28	$	0.54
Anti-dilutive potential shares excluded from diluted earnings per common share:
Series A convertible preferred stock dividend (1)(2)				31		115
Employee stock options and awards		1				2
Total		1		31		117

(1)	Refer to Note 16 (Shareholders’ Equity) in the notes to the consolidated financial statements for more information.
(2)	For the years ended December 31, 2021 and 2020, the Preferred Stock was anti-dilutive and therefore excluded from the calculation of diluted earnings per share.