Earnings Per Share

12 Months Ended

Dec. 31, 2023

Earnings per share is computed using the treasury stock method. Stock options and SARs to purchase 8 million, 4 million and 7 million shares of common stock were outstanding, but were excluded from the calculation of diluted earnings per share for the years ended December 31, 2023, 2022 and 2021, respectively, because their exercise prices were greater than the average market price of the common shares and, therefore, the effect would be antidilutive.

The following is a reconciliation of basic and diluted earnings per share for the years ended December 31, 2023, 2022 and 2021:


In millions, except per share amounts	2023		2022		2021
Numerator for earnings per share calculation:



Net income attributable to CVS Health	$	8,344	$	4,311	$	8,001

Denominator for earnings per share calculation:
Weighted average shares, basic	1,285		1,312		1,319
Restricted stock units and performance stock units	3		6		6
Stock options and SARs	2		5		4
Weighted average shares, diluted	1,290		1,323		1,329

Earnings per share:
Basic	$	6.49	$	3.29	$	6.07
Diluted	$	6.47	$	3.26	$	6.02