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Earnings per Common Share | 9 Months Ended
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Sep. 30, 2024
Earnings Per Share [Abstract] |
Earnings per Common Share |
Note 2 | Earnings per Common Share
Basic earnings per common share is computed using the weighted average number of common shares outstanding, including vested unissued participating restricted stock units. Diluted earnings per common share is computed using the weighted average number of common and dilutive potential common shares outstanding. For the Company, dilutive potential common shares consist of outstanding stock options, unvested non-participating restricted stock units and contingently issuable performance stock awards. The effect of dilutive potential common shares does not include the effect of options with an anti-dilutive effect on earnings per common share because their exercise prices exceed the average market price of Allstate common shares during the period or for which the unrecognized compensation cost would have an anti-dilutive effect.
Computation of basic and diluted earnings per common share |  |  |  |
(In millions, except per share data) |  | Three months ended September 30, |  | Nine months ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Numerator: |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 1,164 |  |  | $ | (4) |  |  | $ | 2,709 |  |  | $ | (1,700) |
Less: Net (loss) income attributable to noncontrolling interest |  | (26) |  |  | 1 |  |  | (30) |  |  | (23) |
Net income (loss) attributable to Allstate |  | 1,190 |  |  | (5) |  |  | 2,739 |  |  | (1,677) |
Less: Preferred stock dividends |  | 29 |  |  | 36 |  |  | 88 |  |  | 99 |
Net income (loss) applicable to common shareholders |  | $ | 1,161 |  |  | $ | (41) |  |  | $ | 2,651 |  |  | $ | (1,776) |
Denominator: |  |  |  |  |  |  |  |
Weighted average common shares outstanding |  | 264.6 |  |  | 261.8 |  |  | 264.1 |  |  | 262.6 |
Effect of dilutive potential common shares (1): |  |  |  |  |  |  |  |
Stock options |  | 2.6 |  |  | — |  |  | 2.6 |  |  | — |
Restricted stock units (non-participating) and performance stock awards |  | 0.8 |  |  | — |  |  | 0.7 |  |  | — |
Weighted average common and dilutive potential common shares outstanding |  | 268.0 |  |  | 261.8 |  |  | 267.4 |  |  | 262.6 |
Earnings per common share - Basic |  | $ | 4.39 |  |  | $ | (0.16) |  |  | $ | 10.04 |  |  | $ | (6.76) |
Earnings per common share - Diluted (1) |  | $ | 4.33 |  |  | $ | (0.16) |  |  | $ | 9.91 |  |  | $ | (6.76) |
Anti-dilutive options excluded from diluted earnings per common share |  | 0.6 |  |  | 3.1 |  |  | 0.5 |  |  | 3.0 |
Weighted average dilutive potential common shares excluded due to net loss applicable to common shareholders (1) |  | — |  |  | 1.5 |  |  | — |  |  | 1.9 |
(1)As a result of the net loss reported for the three and nine month periods ended September 30, 2023, weighted average shares for basic earnings per share is also used for calculating diluted earnings per share because all dilutive potential common shares are anti-dilutive and are therefore excluded from the calculation.

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