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Earnings per Common Share | 6 Months Ended
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Jun. 30, 2024
Earnings Per Share [Abstract] |
Earnings per Common Share | Earnings per Common Share The following table presents a reconciliation of Net income (loss) and shares used in calculating basic and diluted net income (loss) per common share for the periods indicated:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in millions, except for per share data) | 2024 |  | 2023 |  | 2024 |  | 2023
Earnings |  |  |  |  |  |  |
Net income (loss) available to common shareholders: |  |  |  |  |  |  |
Net income (loss) | $ | 235 |  |  | $ | 235 |  |  | $ | 523 |  |  | $ | 364 |
Less: Preferred stock dividends | 4 |  |  | 4 |  |  | 21 |  |  | 18 |
Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest | 30 |  |  | 77 |  |  | 67 |  |  | 123 |
Net income (loss) available to common shareholders | $ | 201 |  |  | $ | 154 |  |  | $ | 435 |  |  | $ | 223 |
Weighted average common shares outstanding |  |  |  |  |  |  |
Basic | 100.4 |  |  | 103.0 |  |  | 101.2 |  |  | 100.4 |
Dilutive Effects: |  |  |  |  |  |  |
Warrants(1) | — |  |  | 4.0 |  |  | — |  |  | 6.5 |
RSUs | 1.0 |  |  | 1.1 |  |  | 1.1 |  |  | 1.1 |
PSUs | 0.5 |  |  | 1.2 |  |  | 0.7 |  |  | 1.2 |
Stock Options | 0.4 |  |  | 0.5 |  |  | 0.4 |  |  | 0.5 |
Diluted | 102.3 |  |  | 109.8 |  |  | 103.4 |  |  | 109.7 |
Net income (loss) available to Voya Financial, Inc.'s common shareholders per common share (2): |  |  |  |  |  |  |
Basic | $ | 2.00 |  |  | $ | 1.50 |  |  | $ | 4.29 |  |  | $ | 2.22 |
Diluted | $ | 1.96 |  |  | $ | 1.41 |  |  | $ | 4.20 |  |  | $ | 2.03 |
(1) See the Shareholders' Equity Note to the Consolidated Financial Statements in Part II, Item 8. of the Company's Annual Report on Form 10-K for the year ended December 31, 2023 for additional information on warrants settled. (2) Basic and diluted earnings per share are calculated using unrounded, actual amounts. Therefore, the components of earnings per share may not sum to its corresponding total. Diluted earnings per share is computed assuming the issuance of restricted stock units, stock options, performance share units and warrants using the treasury stock method.

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