EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2023

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


	Three Months Ended June 30,				Six Months Ended June 30,
In millions of dollars, except per share amounts	2023		2022		2023		2022
Earnings per common share
Income from continuing operations before attribution of noncontrolling interests	$	2,952	$	4,789	$	7,604	$	9,114
Less: Noncontrolling interests from continuing operations	36		21		81		38
Net income from continuing operations (for EPS purposes)	$	2,916	$	4,768	$	7,523	$	9,076
Income (loss) from discontinued operations, net of taxes	(1)		(221)		(2)		(223)
Citigroup’s net income	$	2,915	$	4,547	$	7,521	$	8,853
Less: Preferred dividends	288		238		565		517
Net income available to common shareholders	$	2,627	$	4,309	$	6,956	$	8,336
Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with rights to dividends, applicable to basic EPS	33		35		68		60
Net income allocated to common shareholders for basic EPS	$	2,594	$	4,274	$	6,888	$	8,276
Weighted-average common shares outstanding applicable to basic EPS (in millions)	1,942.8		1,941.5		1,943.2		1,956.6
Basic earnings per share(1)
Income from continuing operations	$	1.34	$	2.32	$	3.55	$	4.34
Discontinued operations	—		(0.11)		—		(0.11)
Net income per share—basic	$	1.34	$	2.20	$	3.54	$	4.23
Diluted earnings per share
Net income allocated to common shareholders for basic EPS	$	2,594	$	4,274	$	6,888	$	8,276
Add back: Dividends allocated to employee restricted and deferred shares with rights to dividends that are forfeitable	15		11		26		19
Net income allocated to common shareholders for diluted EPS	$	2,609	$	4,285	$	6,914	$	8,295
Weighted-average common shares outstanding applicable to basic EPS (in millions)	1,942.8		1,941.5		1,943.2		1,956.6
Effect of dilutive securities
Options(2)	—		—		—		—
Other employee plans	25.8		16.6		23.1		16.6
Adjusted weighted-average common shares outstanding applicable to diluted EPS (in millions)(3)	1,968.6		1,958.1		1,966.3		1,973.2
Diluted earnings per share(1)
Income from continuing operations	$	1.33	$	2.30	$	3.52	$	4.32
Discontinued operations	—		(0.11)		—		(0.11)
Net income per share—diluted(4)	$	1.33	$	2.19	$	3.52	$	4.20

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

(2) During the second quarters of 2023 and 2022, no significant options to purchase shares of common stock were outstanding.

(3) 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.

(4) Due to rounding, income from continuing operations and discontinued operations may not sum to net income per share—diluted.