CORNING INC NY
For the period ended Dec 31, 2023. Filed Feb 12, 2024.
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FY2023 · Filed Feb 12, 2024
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15. Earnings Per Common Share
Basic earnings per common share are computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per common share assumes the issuance of common shares for all potentially dilutive securities outstanding.
The following table presents the reconciliation of the amounts used to compute basic and diluted earnings per common share (in millions, except per share amounts):
| Year ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Net income attributable to Corning Incorporated | $581 | $1,316 | $1,906 |
| Less: Series A convertible preferred stock dividend | 24 | ||
| Less: Excess consideration paid for redemption of preferred shares (1) | 803 | ||
| Net income available to common shareholders - basic | 581 | 1,316 | 1,079 |
| Net income available to common shareholders - diluted | $581 | $1,316 | $1,079 |
| Weighted-average common shares outstanding - basic | 848 | 843 | 828 |
| Effect of dilutive securities: | |||
| Stock options and other awards | 11 | 14 | 16 |
| Weighted-average common shares outstanding - diluted | 859 | 857 | 844 |
| Basic earnings per common share | $0.69 | $1.56 | $1.30 |
| Diluted earnings per common share | $0.68 | $1.54 | $1.28 |
| Anti-dilutive potential shares excluded from diluted earnings per common share: | |||
| Series A convertible preferred stock dividend (1)(2) | 31 | ||
| Stock options and other awards | 2 | 1 | |
| Total | 2 | 1 | 31 |
| (1) | Refer to Note 14 (Shareholders’ Equity) in the notes to the consolidated financial statements for more information. |
| (2) | For the year ended December 31, 2021, the Preferred Stock was anti-dilutive and therefore excluded from the calculation of diluted earnings per share. |
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