Marathon Petroleum Corp
For the period ended Dec 31, 2024. Filed Feb 27, 2025.
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FY2024 · Filed Feb 27, 2025
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8. Earnings Per Share
- Earnings Per Share
We compute basic earnings per share by dividing net income attributable to MPC less income allocated to participating securities by the weighted average number of shares of common stock outstanding. Since MPC grants certain incentive compensation awards to employees and non-employee directors that are considered to be participating securities, we have calculated our earnings per share using the two-class method. Diluted income per share assumes exercise of certain share-based compensation awards, provided the effect is not anti-dilutive.
| (In millions, except per share data) | 2024 | 2023 | 2022 |
|---|---|---|---|
| Income from continuing operations, net of tax | $5,067 | $11,172 | $15,978 |
| Net income attributable to noncontrolling interest | (1,622) | (1,491) | (1,534) |
| Net income allocated to participating securities | (3) | (7) | (8) |
| Redemption of preferred units | — | (2) | — |
| Income from continuing operations available to common stockholders | 3,442 | 9,672 | 14,436 |
| Income from discontinued operations, net of tax | — | — | 72 |
| Income available to common stockholders | $3,442 | $9,672 | $14,508 |
| Weighted average common shares outstanding: | |||
| Basic | 340 | 407 | 512 |
| Effect of dilutive securities | 1 | 2 | 4 |
| Diluted | 341 | 409 | 516 |
| Income available to common stockholders per share: | |||
| Basic: | |||
| Continuing operations | $10.11 | $23.73 | $28.17 |
| Discontinued operations | — | — | 0.14 |
| Net income per share | $10.11 | $23.73 | $28.31 |
| Diluted: | |||
| Continuing operations | $10.08 | $23.63 | $27.98 |
| Discontinued operations | — | — | 0.14 |
| Net income per share | $10.08 | $23.63 | $28.12 |
Potential common shares which were anti-dilutive and, therefore, omitted from the diluted share calculation, were immaterial for all periods.
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