Earnings Per Share

12 Months Ended

Dec. 31, 2023

22.	EARNINGS PER SHARE

Following the Share Subdivision as detailed in Notes 1, each ordinary share was subdivided into eighty ordinary shares and each ADS represents eight Class A ordinary shares.

A reconciliation of net income attributable to Baidu, Inc. in the consolidated statements of comprehensive income to the numerator for the computation of basic and diluted earnings per share for the years ended December 31, 2021, 2022 and 2023 is as follows:


	For the years ended December 31,
	2021			2022			2023			2023
	RMB			RMB			RMB			US$
	(In millions, including number of shares, except for per share data)
Net income attributable to Baidu, Inc.		10,226			7,559			20,315			2,861
Accretion of the redeemable noncontrolling interests		(350	)		(591	)		(717	)		(101	)

Numerator for basic EPS computation		9,876			6,968			19,598			2,760
Impact of diluted securities of subsidiaries and equity method investees		—			—			(44	)		(6	)
Numerator for diluted EPS computation		9,876			6,968			19,554			2,754

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,
	2021				2022				2023				2023
	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.		7,871		2,005		5,590		1,378		15,905		2,240		3,693		520

Denominator
Weighted average ordinary shares outstanding		2,198		560		2,232		550		2,278		2,278		529		529

Denominator used for basic EPS		2,198		560		2,232		550		2,278		2,278		529		529

Earnings per share—basic		3.58		3.58		2.50		2.50		6.98		0.98		6.98		0.98

Earnings per share—diluted:
Numerator
Allocation of net income attributable to Baidu, Inc. for diluted computation		7,910		1,966		5,604		1,364		15,909		2,241		3,645		513
Reallocation of net income attributable to Baidu, Inc. as a result of conversion of Class B to Class A shares		1,966		—		1,364		—		3,645		513		—		—

Numerator for diluted EPS calculation		9,876		1,966		6,968		1,364		19,554		2,754		3,645		513

Denominator
Weighted average ordinary shares outstanding		2,198		560		2,232		550		2,278		2,278		529		529
Conversion of Class B to Class A ordinary shares		560		—		550		—		529		529		—		—
Share-based awards		56		—		27		—		30		30		—		—

Denominator used for diluted EPS		2,814		560		2,809		550		2,837		2,837		529		529

Earnings per share—diluted		3.51		3.51		2.48		2.48		6.89		0.97		6.89		0.97

Earnings per ADS (1 ADS equals 8 Class A ordinary shares):
Denominator used for earnings per ADS—basic		275				279				285		285

Denominator used for earnings per ADS—diluted		352				351				355		355

Earnings per ADS—basic		28.64				20.02				55.83		7.86

Earnings per ADS—diluted		28.07				19.85				55.08		7.76

The Company did not include the effect of convertible senior notes issued by iQIYI, other subsidiaries and investees in the computation of diluted earnings per share for the years ended December 31, 2021, 2022 and 2023, as its effect would be anti-dilutive. The Company did not include the effect of certain share options issued by iQIYI, other subsidiaries and investees in the computation of diluted earnings per share for the years ended December 31, 2021 and 2022, as its effect would be anti-dilutive.