Earnings per Share

12 Months Ended

Dec. 31, 2022

The calculations of earnings per share (shares in millions) are as follows:


Years Ended December 31	2022		2021		2020
Net Income from Continuing Operations Attributable to Merck & Co., Inc.	$	14,519	$	12,345	$	4,519
Income from Discontinued Operations, Net of Taxes and Amounts Attributable to Noncontrolling Interests	—		704		2,548
Net Income Attributable to Merck & Co., Inc.	$	14,519	$	13,049	$	7,067
Average common shares outstanding	2,532		2,530		2,530
Common shares issuable (1)	10		8		11
Average common shares outstanding assuming dilution	2,542		2,538		2,541
Basic Earnings per Common Share Attributable to Merck & Co., Inc. Common Shareholders:
Income from Continuing Operations	$	5.73	$	4.88	$	1.79
Income from Discontinued Operations	—		0.28		1.01
Net Income	$	5.73	$	5.16	$	2.79
Earnings per Common Share Assuming Dilution Attributable to Merck & Co., Inc. Common Shareholders:
Income from Continuing Operations	$	5.71	$	4.86	$	1.78
Income from Discontinued Operations	—		0.28		1.00
Net Income	$	5.71	$	5.14	$	2.78

(1) Issuable primarily under share-based compensation plans.

In 2022, 2021 and 2020, 2 million, 9 million and 5 million, respectively, of common shares issuable under share-based compensation plans were excluded from the computation of earnings per common share assuming dilution because the effect would have been antidilutive.