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Earnings Per Share | 6 Months Ended
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Jun. 30, 2022
Earnings Per Share [Abstract] |
Earnings (Loss) 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 stock-based compensation awards, provided the effect is not anti-dilutive.
| Three Months Ended June 30, |  | Six Months Ended June 30,
(In millions, except per share data) | 2022 |  | 2021 |  | 2022 |  | 2021
Income from continuing operations, net of tax | $ | 6,217 |  |  | $ | 588 |  |  | $ | 7,389 |  |  | $ | 418 |
Less: Net income attributable to noncontrolling interest | 344 |  |  | 290 |  |  | 671 |  |  | 596 |
Net income allocated to participating securities | 3 |  |  | — |  |  | 3 |  |  | — |
Income (loss) from continuing operations available to common stockholders | 5,870 |  |  | 298 |  |  | 6,715 |  |  | (178) |
Income from discontinued operations, net of tax | — |  |  | 8,214 |  |  | — |  |  | 8,448 |
Income available to common stockholders | $ | 5,870 |  |  | $ | 8,512 |  |  | $ | 6,715 |  |  | $ | 8,270 |
Weighted average common shares outstanding: |  |  |  |  |  |  |
Basic | 532 |  |  | 650 |  |  | 549 |  |  | 651 |
Effect of dilutive securities | 4 |  |  | 4 |  |  | 4 |  |  | — |
Diluted | 536 |  |  | 654 |  |  | 553 |  |  | 651 |
Income available to common stockholders per share: |  |  |  |  |  |  |
Basic: |  |  |  |  |  |  |
Continuing operations | $ | 11.03 |  |  | $ | 0.46 |  |  | $ | 12.24 |  |  | $ | (0.27) |
Discontinued operations | — |  |  | 12.63 |  |  | — |  |  | 12.98 |
Net income per share | $ | 11.03 |  |  | $ | 13.09 |  |  | $ | 12.24 |  |  | $ | 12.71 |
Diluted: |  |  |  |  |  |  |
Continuing operations | $ | 10.95 |  |  | $ | 0.45 |  |  | $ | 12.15 |  |  | $ | (0.27) |
Discontinued operations | — |  |  | 12.55 |  |  | — |  |  | 12.98 |
Net income per share | $ | 10.95 |  |  | $ | 13.00 |  |  | $ | 12.15 |  |  | $ | 12.71 |
The following table summarizes the shares that were anti-dilutive and, therefore, were excluded from the diluted share calculation.
| Three Months Ended June 30, |  | Six Months Ended June 30,
(In millions) | 2022 |  | 2021 |  | 2022 |  | 2021
Shares issuable under stock-based compensation plans | — |  |  | 3 |  |  | — |  |  | 8 |

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