Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2020

The numerator of basic earnings (loss) per share (EPS) is net income (loss) attributable to Phillips 66, adjusted for noncancelable dividends paid on unvested share-based employee awards during the vesting period (participating securities). The denominator of basic EPS is the sum of the daily weighted-average number of common shares outstanding during the periods presented and fully vested stock and unit awards that have not yet been issued as common stock. The numerator of diluted EPS is also based on net income (loss) attributable to Phillips 66, which is reduced only by dividend equivalents paid on participating securities for which the dividends are more dilutive than the participation of the awards in the earnings (losses) of the periods presented. To the extent unvested stock, unit or option awards and vested unexercised stock options are dilutive, they are included with the weighted-average common shares outstanding in the denominator. Treasury stock is excluded from the denominator in both basic and diluted EPS.


	Three Months Ended June 30								Six Months Ended June 30
	2020				2019			2020		2019
	Basic		Diluted	Basic	Diluted	Basic	Diluted	Basic	Diluted
Amounts Attributed to Phillips 66 Common Stockholders (millions):
Net income (loss) attributable to Phillips 66	$	(141)	(141)	1,424	1,424	(2,637)	(2,637)	1,628	1,628
Income allocated to participating securities	(2)		(2)	(2)	(1)	(4)	(4)	(3)	(2)
Net income (loss) available to common stockholders	$	(143)	(143)	1,422	1,423	(2,641)	(2,641)	1,625	1,626

Weighted-average common shares outstanding (thousands):	436,688		438,756	451,216	453,681	437,851	440,050	453,041	455,630
Effect of share-based compensation	2,068		—	2,465	1,904	2,199	—	2,589	1,990
Weighted-average common shares outstanding—EPS	438,756		438,756	453,681	455,585	440,050	440,050	455,630	457,620

Earnings (Loss) Per Share of Common Stock (dollars)	$	(0.33)	(0.33)	3.13	3.12	(6.00)	(6.00)	3.57	3.55