Earnings Per Share

6 Months Ended

Jun. 30, 2023

Earnings per share is computed using the treasury stock method. Stock options and stock appreciation rights to purchase 9 million and 6 million shares of common stock were outstanding, but were excluded from the calculation of diluted earnings per share for the three and six months ended June 30, 2023, respectively, because their exercise prices were greater than the average market price of the common shares and, therefore, the effect would be antidilutive. For the same reason, stock options and stock appreciation rights to purchase 4 million and 3 million shares of common stock were outstanding, but were excluded from the calculation of diluted earnings per share for the three and six months ended June 30, 2022, respectively.

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


	Three Months Ended June 30,				Six Months Ended June 30,
In millions, except per share amounts	2023		2022		2023		2022
Numerator for earnings per share calculation:



Net income attributable to CVS Health	$	1,901	$	3,029	$	4,037	$	5,383

Denominator for earnings per share calculation:
Weighted average shares, basic	1,283		1,313		1,283		1,312
Restricted stock units and performance stock units	2		4		4		8
Stock options and stock appreciation rights	2		4		2		5
Weighted average shares, diluted	1,287		1,321		1,289		1,325

Earnings per share:
Basic	$	1.48	$	2.31	$	3.15	$	4.10
Diluted	$	1.48	$	2.29	$	3.13	$	4.06