Earnings Per Share

12 Months Ended

Dec. 31, 2023

EARNINGS PER SHARE

Basic earnings per share available to common stockholders are based on the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated using the treasury stock method and includes the effect of all potential issuances of common shares under stock-based incentive compensation arrangements. Cumulative dividends attributable to Series C Preferred Stock were immaterial during the year ended December 31, 2023.


	Year Ended December 31,
	2023		2022		2021
Net income (loss) attributable to Vistra	$	1,493	$	(1,227)	$	(1,274)
Less cumulative dividends attributable to Series A Preferred Stock	(80)		(80)		(17)
Less cumulative dividends attributable to Series B Preferred Stock	(70)		(70)		(4)
Less cumulative dividends attributable to Series C Preferred Stock	—		—		—

Net income (loss) attributable to common stock — basic	1,343		(1,377)		(1,295)
Weighted average shares of common stock outstanding — basic	369,771,359		422,447,074		482,214,544
Net income (loss) per weighted average share of common stock outstanding — basic	$	3.63	$	(3.26)	$	(2.69)
Dilutive securities: Stock-based incentive compensation plan	5,421,752		—		—
Weighted average shares of common stock outstanding — diluted	375,193,110		422,447,074		482,214,544
Net income (loss) per weighted average share of common stock outstanding — diluted	$	3.58	$	(3.26)	$	(2.69)

Stock-based incentive compensation plan awards excluded from the calculation of diluted earnings per share because the effect would have been antidilutive totaled 392,218, 8,292,647 and 14,412,299 shares for the years ended December 31, 2023, 2022 and 2021, respectively.