| Reconciliation of the income and share data used in the basic and diluted earnings per share computations |
The following table reconciles the income and share data used in the basic and diluted earnings per share (EPS) computations:
| | | | | | | | | | | | | | | In millions of dollars, except per share amounts | | | 2023 | 2022 | 2021 | | Earnings per common share | | | | | | | Income from continuing operations before attribution of noncontrolling interests | | | $ | 9,382 | | $ | 15,165 | | $ | 22,018 | | | Less: Noncontrolling interests from continuing operations | | | 153 | | 89 | | 73 | | | Net income from continuing operations (for EPS purposes) | | | $ | 9,229 | | $ | 15,076 | | $ | 21,945 | | | Loss from discontinued operations, net of taxes | | | (1) | | (231) | | 7 | | | Citigroup’s net income | | | $ | 9,228 | | $ | 14,845 | | $ | 21,952 | | | Less: Preferred dividends | | | 1,198 | | 1,032 | | 1,040 | | | Net income available to common shareholders | | | $ | 8,030 | | $ | 13,813 | | $ | 20,912 | | Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with rights to dividends, and other relevant items(1), applicable to basic EPS | | | 180 | | 113 | | 154 | | | Net income allocated to common shareholders for basic EPS | | | $ | 7,850 | | $ | 13,700 | | $ | 20,758 | | Weighted-average common shares outstanding applicable to basic EPS (in millions) | | | 1,930.1 | | 1,946.7 | | 2,033.0 | | Basic earnings per share(2) | | | | | | | Income from continuing operations | | | $ | 4.07 | | $ | 7.16 | | $ | 10.21 | | | Discontinued operations | | | — | | (0.12) | | — | | | Net income per share—basic | | | $ | 4.07 | | $ | 7.04 | | $ | 10.21 | | | Diluted earnings per share | | | | | | | Net income allocated to common shareholders for basic EPS | | | $ | 7,850 | | $ | 13,700 | | $ | 20,758 | | Add back: Dividends allocated to employee restricted and deferred shares with rights to dividends
that are forfeitable | | | 57 | | 41 | | 31 | | | Net income allocated to common shareholders for diluted EPS | | | $ | 7,907 | | $ | 13,741 | | $ | 20,789 | | Weighted-average common shares outstanding applicable to basic EPS (in millions) | | | $ | 1,930.1 | | $ | 1,946.7 | | $ | 2,033.0 | | Effect of dilutive securities(3) | | | | | | | Other employee plans | | | 25.7 | | 17.6 | | 16.4 | | Adjusted weighted-average common shares outstanding applicable to diluted EPS (in millions) | | | 1,955.8 | | 1,964.3 | | 2,049.4 | | Diluted earnings per share(2) | | | | | | | Income from continuing operations | | | $ | 4.04 | | $ | 7.11 | | $ | 10.14 | | | Discontinued operations | | | — | | (0.12) | | — | | Net income per share—diluted(4) | | | $ | 4.04 | | $ | 7.00 | | $ | 10.14 | |
(1)Other relevant items include issuance costs of $58 million related to the redemption of preferred stock Series A, B, K and partial J, during 2023, and $14 million in 1% excise tax on preferred stock redemptions during 2023. The preferred issuance costs were reclassified from Additional paid-in capital to Retained earnings upon redemption of the preferred stock. See Note 22. (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 2023, 2022 and 2021, there were no weighted-average options outstanding. (4)Due to rounding, income from continuing operations and discontinued operations may not sum to net income per share—diluted.
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