Earnings Per Share

Following the Share Subdivision as detailed in Note

1 and 20, each ordinary share was subdivided into eighty ordinary shares and each ADS represents eight Class A ordinary shares. The weighted average number of ordinary shares used for the calculation of basic and diluted earnings per share/ADS for the years ended December 31, 2019 and 2020 have been retrospectively adjusted.

A reconciliation of net income attributable to Baidu, Inc. in the consolidated statements of comprehensive (loss) income to the numerator for the computation of basic and diluted per share for the years ended December 31, 2019, 2020 and 2021 is as follows:

For the years ended December 31,

(In millions, including number of shares,
except for per share data)

Net income attributable to Baidu, Inc.

Accretion of the redeemable noncontrolling interests

Numerator for basic EPS computation

Impact of subsidiaries’ and investees’ diluted earnings per share

Numerator for diluted EPS computation

The following table sets forth the computation of basic and diluted earnings per Class A and Class B ordinary share and basic and diluted earnings per ADS:


	For the years ended December 31,
	2019				2020				2021				2021
	Class A		Class B		Class A		Class B		Class A		Class A		Class B		Class B
	RMB		RMB		RMB		RMB		RMB		US$		RMB		US$
	(In millions, including number of shares and ADS, except for per share and per ADS data)
Earnings per share—basic:
Numerator
Allocation of net income attributable to Baidu, Inc.		1,571		409		17,683		4,701		7,871		1,235		2,005		315

Denominator
Weighted average ordinary shares outstanding (Note)		2,211		576		2,158		574		2,198		2,198		560		560

Denominator used for basic EPS (Note)		2,211		576		2,158		574		2,198		2,198		560		560

Earnings per share—basic ( Note )		0.71		0.71		8.19		8.19		3.58		0.56		3.58		0.56

Earnings per share—diluted:
Numerator
Allocation of net income attributable to Baidu, Inc. for diluted computation		1,549		403		17,723		4,661		7,910		1,242		1,966		308
Reallocation of net income attributable to Baidu, Inc. as a result of conversion of Class B to Class A shares		403		—		4,661		—		1,966		308		—		—

Numerator for diluted EPS calculation		1,952		403		22,384		4,661		9,876		1,550		1,966		308

Denominator
Weighted average ordinary shares outstanding (Note)		2,211		576		2,158		574		2,198		2,198		560		560
Conversion of Class B to Class A ordinary shares (Note)		576		—		574		—		560		560		—		—
Share-based awards (Note)		4		—		24		—		56		56		—		—

Denominator used for diluted EPS (Note)		2,791		576		2,756		574		2,814		2,814		560		560

Earnings per share—diluted ( Note )		0.70		0.70		8.12		8.12		3.51		0.55		3.51		0.55

Earnings per ADS (1 ADS equals 8 Class A ordinary shares) ：
Denominator used for earnings per ADS—basic (Note)		276				270				275		275

Denominator used for earnings per ADS—diluted (Note)		349				344				352		352

Earnings per ADS—basic ( Note )		5.68				65.54				28.64		4.49

Earnings per ADS—diluted ( Note )		5.60				64.98				28.07		4.40

Note:

Basic and diluted net earnings per share, the number of shares and the adjustments for dilutive restricted shares and share options for the years ended December 31, 2019 and 2020 have been retrospectively adjusted for the Share Subdivision and the ADS Ratio Change that took effect on March 1, 2021, as detailed in Note 1.

The Company did not include certain share options, restricted shares and the effect of convertible senior notes issued by iQIYI in the computation of diluted earnings per share for the years ended December 31, 2019, 2020 and 2021 because those share options, restricted shares and convertible senior notes were anti-dilutive for earnings per share for the respective years.