EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2021

The following table reconciles the income and share data used in the basic and diluted earnings per share (EPS) computations:


	Three Months Ended September 30,				Nine Months Ended September 30,
In millions of dollars, except per share amounts	2021		2020		2021		2020
Earnings per common share
Income from continuing operations before attribution of noncontrolling interests	$	4,669	$	3,177	$	18,839	$	6,782
Less: Noncontrolling interests from continuing operations	24		24		67		18
Net income from continuing operations (for EPS purposes)	$	4,645	$	3,153	$	18,772	$	6,764
Income (loss) from discontinued operations, net of taxes	(1)		(7)		7		(26)
Citigroup’s net income	$	4,644	$	3,146	$	18,779	$	6,738
Less: Preferred dividends(1)	266		284		811		828
Net income available to common shareholders	$	4,378	$	2,862	$	17,968	$	5,910
Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with rights to dividends, applicable to basic EPS	26		18		134		50
Net income allocated to common shareholders for basic EPS	$	4,352	$	2,844	$	17,834	$	5,860
Weighted-average common shares outstanding applicable to basic EPS (in millions)	2,009.3		2,081.8		2,049.3		2,087.1
Basic earnings per share(2)
Income from continuing operations	$	2.17	$	1.37	$	8.70	$	2.82
Discontinued operations	—		—		—		(0.01)
Net income per share—basic	$	2.17	$	1.37	$	8.70	$	2.81
Diluted earnings per share
Net income allocated to common shareholders for basic EPS	$	4,352	$	2,844	$	17,834	$	5,860
Add back: Dividends allocated to employee restricted and deferred shares with rights to dividends that are forfeitable	8		7		23		22
Net income allocated to common shareholders for diluted EPS	$	4,360	$	2,851	$	17,857	$	5,882
Weighted-average common shares outstanding applicable to basic EPS (in millions)	2,009.3		2,081.8		2,049.3		2,087.1
Effect of dilutive securities
Options(3)	—		—		—		—
Other employee plans	16.9		12.5		16.0		13.0
Adjusted weighted-average common shares outstanding applicable to diluted EPS (in millions)(4)	2,026.2		2,094.3		2,065.3		2,100.1
Diluted earnings per share(2)
Income from continuing operations	$	2.15	$	1.36	$	8.64	$	2.81
Discontinued operations	—		—		—		(0.01)
Net income per share—diluted	$	2.15	$	1.36	$	8.65	$	2.80

(1)On October 21, 2021, Citi declared preferred dividends of approximately $228 million for the fourth quarter of 2021. On October 27, 2021, Citi issued 1.0 million shares of Series Y preferred shares for $1.0 billion. During the second quarter of 2021, Citi redeemed all of its 1.25 million Series Q preferred shares for $1.25 billion and the remaining 1.035 million Series R preferred shares for $1.035 billion. During the first quarter of 2021, Citi redeemed all of its 41.4 million Series S preferred shares for $1.035 billion and 465,000 shares of its Series R preferred shares for $465 million, and Citi also issued 2.3 million of Series X preferred shares for $2.3 billion.

(2)Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income.

(3) During the first, second and third quarters of 2021 and 2020, no significant options to purchase shares of common stock were outstanding.

(4) Due to rounding, weighted-average common shares outstanding applicable to basic EPS and the effect of dilutive securities may not sum to weighted-average common shares outstanding applicable to diluted EPS.