Earnings Per Common Share (EPS)

12 Months Ended

Dec. 31, 2022

17. Earnings Per Common Share (EPS)

The basic EPS computation is based on the weighted average number of common shares outstanding, adjusted to reflect all stock dividends and stock splits. The diluted EPS computation is based on those shares used in the basic EPS computation plus common shares that would have been outstanding assuming issuance of common shares for all dilutive potential common shares outstanding and adjusted to reflect all stock dividends and stock splits, using the treasury stock method or the if-converted method, as applicable.

The following table presents the computation of basic and diluted EPS:


Years Ended December 31,
(dollars in millions, except per common share data)		2022		2021		2020
Numerator for EPS:
Income (loss) from continuing operations	$	11,276	$	9,923	$	(5,833)
Less: Net income from continuing operations attributable to noncontrolling interests		999		535		115
Less: Preferred stock dividends		29		29		29
Income (loss) attributable to AIG common shareholders from continuing operations		10,248		9,359		(5,977)
Income (loss) from discontinued operations, net of income tax expense		(1)		—		4
Net income (loss) attributable to AIG common shareholders	$	10,247	$	9,359	$	(5,973)
Denominator for EPS:
Weighted average common shares outstanding - basic		778,621,118		854,320,449		869,309,458
Dilutive common shares		9,320,632		10,564,430		—
Weighted average common shares outstanding - diluted(a)(b)		787,941,750		864,884,879		869,309,458
Income (loss) per common share attributable to AIG common shareholders:
Basic:
Income (loss) from continuing operations	$	13.16	$	10.95	$	(6.88)
Income from discontinued operations	$	—	$	—	$	—
Income (loss) attributable to AIG common shareholders	$	13.16	$	10.95	$	(6.88)
Diluted:
Income (loss) from continuing operations	$	13.01	$	10.82	$	(6.88)
Income from discontinued operations	$	—	$	—	$	—
Income (loss) attributable to AIG common shareholders	$	13.01	$	10.82	$	(6.88)

(a)For the year ended December 31, 2020, because we reported a net loss attributable to AIG common shareholders, all common stock equivalents are anti-dilutive and are therefore excluded from the calculation of diluted shares and diluted per share amounts. The number of common shares excluded from the calculation was 5,401,597 shares.

(b)Potential dilutive common shares include our share-based employee compensation plans, a weighted average portion of the 10-year warrants issued to AIG shareholders as part of AIG’s recapitalization in January 2011, which expired in January 2021 and an option for Blackstone to exchange all or a portion of its ownership interest in Corebridge for AIG common shares in the event an IPO did not occur prior to 2024. As a result of the consummation of the IPO on September 19, 2022, this exchange right of Blackstone was terminated. The number of common shares excluded from diluted shares outstanding was 24.1 million, 12.0 million and 68.7 million for the years ended December 31, 2022, 2021 and 2020, respectively, because the effect of including those common shares in the calculation would have been anti-dilutive.

For information regarding the Blackstone option to exchange all or a portion of its ownership interest in Corebridge for AIG common shares, see Note 1. For information regarding our repurchases of AIG Common Stock, see Note 16.