Earnings Per Share

3 Months Ended

Mar. 31, 2023

Earnings per share is computed using the treasury stock method. Stock options and stock appreciation rights to purchase 4 million and 2 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, 2023 and 2022, 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	2023		2022
Numerator for earnings per share calculation:



Net income attributable to CVS Health	$	2,136	$	2,354

Denominator for earnings per share calculation:
Weighted average shares, basic	1,283		1,312
Restricted stock units and performance stock units	5		10
Stock options and stock appreciation rights	3		6
Weighted average shares, diluted	1,291		1,328

Earnings per share:
Basic	$	1.66	$	1.79
Diluted	$	1.65	$	1.77