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Earnings (Loss) Per Common Share | 12 Months Ended
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Dec. 31, 2020
Earnings Per Share [Abstract] |
EARNINGS (LOSS) PER COMMON SHARE | 17. EARNINGS (LOSS) PER COMMON SHARE Earnings (loss) per common share were computed as follows (dollars and shares in millions, except per share amounts):
| Year Ended December 31,
| 2020 |  | 2019 |  | 2018
Earnings (loss) per common share |  |  |  |  |
Net income (loss) attributable to Valero stockholders | $ | (1,421) |  |  | $ | 2,422 |  |  | $ | 3,122 |
Less: Income allocated to participating securities | 5 |  |  | 7 |  |  | 9 |
Net income (loss) available to common shareholders | $ | (1,426) |  |  | $ | 2,415 |  |  | $ | 3,113 |
Weighted-average common shares outstanding | 407 |  |  | 413 |  |  | 426 |
Earnings (loss) per common share | $ | (3.50) |  |  | $ | 5.84 |  |  | $ | 7.30 |
Earnings (loss) per common share – assuming dilution |  |  |  |  |
Net income (loss) attributable to Valero stockholders | $ | (1,421) |  |  | $ | 2,422 |  |  | $ | 3,122 |
Less: Income allocated to participating securities | 5 |  |  | 7 |  |  | 9 |
Net income (loss) available to common shareholders | $ | (1,426) |  |  | $ | 2,415 |  |  | $ | 3,113 |
Weighted-average common shares outstanding | 407 |  |  | 413 |  |  | 426 |
Effect of dilutive securities | — |  |  | 1 |  |  | 2 |
Weighted-average common shares outstanding – assuming dilution | 407 |  |  | 414 |  |  | 428 |
Earnings (loss) per common share – assuming dilution | $ | (3.50) |  |  | $ | 5.84 |  |  | $ | 7.29 |
Participating securities include restricted stock and performance awards granted under our 2020 OSIP or our 2011 OSIP. Dilutive securities include participating securities as well as outstanding stock options granted under our 2020 OSIP or our 2011 OSIP.

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