Earnings Per Common Share (EPS)

9 Months Ended

Sep. 30, 2023

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:


	Three Months Ended September 30,				Nine Months Ended September 30,
(dollars in millions, except per common share data)	2023		2022		2023		2022
Numerator for EPS:
Income from continuing operations	$	2,747	$	3,087	$	4,351	$	10,727
Less: Net income from continuing operations attributable to noncontrolling interests	720		339		801		1,051
Less: Preferred stock dividends	7		7		22		22
Income attributable to AIG common shareholders from continuing operations	2,020		2,741		3,528		9,654
Income (loss) from discontinued operations, net of income tax expense	—		—		—		(1)
Net income attributable to AIG common shareholders	$	2,020	$	2,741	$	3,528	$	9,653
Denominator for EPS:
Weighted average common shares outstanding - basic	712,598,496		763,051,482		725,579,999		789,888,322
Dilutive common shares	6,128,816		8,080,919		5,453,046		9,204,234
Weighted average common shares outstanding - diluted(a)	718,727,312		771,132,401		731,033,045		799,092,556
Income (loss) per common share attributable to AIG common shareholders:
Basic:
Income from continuing operations	$	2.83	$	3.59	$	4.86	$	12.22
Income from discontinued operations	$	—	$	—	$	—	$	—
Income attributable to AIG common shareholders	$	2.83	$	3.59	$	4.86	$	12.22
Diluted:
Income from continuing operations	$	2.81	$	3.55	$	4.83	$	12.08
Income from discontinued operations	$	—	$	—	$	—	$	—
Income attributable to AIG common shareholders	$	2.81	$	3.55	$	4.83	$	12.08

(a)Potential dilutive common shares include our share-based employee compensation plans 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 potential common shares excluded from diluted shares outstanding was 5.1 million and 5.4 million for the three and nine months ended September 30, 2023, respectively, and 6.0 million and 30.8 million for the three and nine months ended September 30, 2022, respectively, because the effect of including those common shares in the calculation would have been anti-dilutive.

For information regarding our repurchases of AIG Common Stock, see Note 16.