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Earnings Per Share

3 Months Ended

Mar. 31, 2021

Earnings per share is computed using the two-class method. Stock appreciation rights and options to purchase 10 million and 12 million shares of common stock were outstanding, but were excluded from the calculation of diluted earnings per share for the three months ended March 31, 2021 and 2020, respectively, because their exercise prices were greater than the average market price of the common shares and, therefore, the effect would be antidilutive.

The following is a reconciliation of basic and diluted earnings per share for the respective periods:


	Three Months Ended March 31,
In millions, except per share amounts	2021		2020
Numerator for earnings per share calculation:



Net income attributable to CVS Health	$	2,223	$	2,007

Denominator for earnings per share calculation:
Weighted average shares, basic	1,313		1,306
Effect of dilutive securities	9		6
Weighted average shares, diluted	1,322		1,312

Earnings per share:
Basic	$	1.69	$	1.54
Diluted	$	1.68	$	1.53