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Earnings Per Share
 12 Months Ended
Jan. 31, 2020
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share

The Company calculates basic and diluted earnings per common share using the two-class method.  Under the two-class method, net earnings are allocated to each class of common stock and participating security as if all of the net earnings for the period had been distributed.  The Company’s participating securities consist of share-based payment awards that contain a nonforfeitable right to receive dividends and, therefore, are considered to participate in undistributed earnings with common shareholders.

Basic earnings per common share excludes dilution and is calculated by dividing net earnings allocable to common shares by the weighted-average number of common shares outstanding for the period.  Diluted earnings per common share is calculated by dividing net earnings allocable to common shares by the weighted-average number of common shares as of the balance sheet date, as adjusted for the potential dilutive effect of non-participating share-based awards.  The following table reconciles earnings per common share for 2019, 2018, and 2017:
(In millions, except per share data)
2019
 
2018
 
2017
Basic earnings per common share:
 
 
 
 
 
Net earnings attributable to Lowe's Companies, Inc.
$
4,281

 
$
2,314

 
$
3,447

Less: Net earnings allocable to participating securities
(13
)
 
(7
)
 
(11
)
Net earnings allocable to common shares, basic
$
4,268

 
$
2,307

 
$
3,436

Weighted-average common shares outstanding
777

 
811

 
839

Basic earnings per common share
$
5.49

 
$
2.84

 
$
4.09

Diluted earnings per common share:
 
 
 
 
 
Net earnings attributable to Lowe's Companies, Inc.
$
4,281

 
$
2,314

 
$
3,447

Less: Net earnings allocable to participating securities
(13
)
 
(7
)
 
(11
)
Net earnings allocable to common shares, diluted
$
4,268

 
$
2,307

 
$
3,436

Weighted-average common shares outstanding
777

 
811

 
839

Dilutive effect of non-participating share-based awards
1

 
1

 
1

Weighted-average common shares, as adjusted
778

 
812

 
840

Diluted earnings per common share
$
5.49

 
$
2.84

 
$
4.09



Stock options to purchase 0.9 million, 0.5 million, and 0.5 million shares of common stock for 2019, 2018, and 2017, respectively, were excluded from the computation of diluted earnings per common share because their effect would have been anti-dilutive.