Earnings per Common Share

6 Months Ended

Jun. 30, 2023


Note 2			Earnings per Common Share

Basic earnings per common share is computed using the weighted average number of common shares outstanding, including vested unissued participating restricted stock units. Diluted earnings per common share is computed using the weighted average number of common and dilutive potential common shares outstanding.

For the Company, dilutive potential common shares consist of outstanding stock options, unvested

non-participating restricted stock units and contingently issuable performance stock awards. The effect of dilutive potential common shares does not include the effect of options with an anti-dilutive effect on earnings per common share because their exercise prices exceed the average market price of Allstate common shares during the period or for which the unrecognized compensation cost would have an anti-dilutive effect.


Computation of basic and diluted earnings per common share
(In millions, except per share data)	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Numerator:
Net loss	$	(1,375)	$	(1,022)	$	(1,696)	$	(372)
Less: Net loss attributable to noncontrolling interest	(23)		(9)		(24)		(19)
Net loss attributable to Allstate	(1,352)		(1,013)		(1,672)		(353)
Less: Preferred stock dividends	37		27		63		53


Net loss applicable to common shareholders	$	(1,389)	$	(1,040)	$	(1,735)	$	(406)

Denominator:
Weighted average common shares outstanding	262.6		273.8		263.1		275.9
Effect of dilutive potential common shares (1):
Stock options	—		—		—		—
Restricted stock units (non-participating) and performance stock awards	—		—		—		—
Weighted average common and dilutive potential common shares outstanding	262.6		273.8		263.1		275.9

Earnings per common share - Basic	$	(5.29)	$	(3.80)	$	(6.59)	$	(1.47)
Earnings per common share - Diluted (1)	$	(5.29)	$	(3.80)	$	(6.59)	$	(1.47)

Anti-dilutive options excluded from diluted earnings per common share	3.2		1.3		2.9		1.5
Weighted average dilutive potential common shares excluded due to net loss applicable to common shareholders (1)	1.7		3.2		2.1		3.5

(1)As a result of the net loss reported for the three and six month periods ended June 30, 2023 and 2022, weighted average shares for basic earnings per share is also used for calculating diluted earnings per share because all dilutive potential common shares are anti-dilutive and are therefore excluded from the calculation.