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Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Summary of Earnings Per Common 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

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

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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- References

No definition available.

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- Definition

Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

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- Definition

Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

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