Huntington Bancshares Incorporated Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

EARNINGS PER SHARE

EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2023

Basic earnings per share is the amount of earnings (adjusted for dividends declared on preferred stock) available to each share of common stock outstanding during the reporting period. Diluted earnings per share is the amount of earnings available to each share of common stock outstanding during the reporting period adjusted to include the effect of potentially dilutive common shares. Potentially dilutive common shares include incremental shares issued for stock options, restricted stock units and awards, and distributions from deferred compensation plans. Potentially dilutive common shares are excluded from the computation of diluted earnings per share in periods in which the effect would be antidilutive.

The calculation of basic and diluted earnings per share for the three-month periods ended March 31, 2023 and 2022 was as follows:


	Three Months Ended March 31,
(dollar amounts in millions, except per share data, share count in thousands)	2023		2022
Basic earnings per common share:
Net income attributable to Huntington	$	602	$	460
Preferred stock dividends	29		28

Net income available to common shareholders	$	573	$	432
Average common shares issued and outstanding	1,443,268		1,438,427
Basic earnings per common share	$	0.40	$	0.30
Diluted earnings per common share:




Dilutive potential common shares:
Stock options and restricted stock units and awards	19,613		19,629
Shares held in deferred compensation plans	6,398		6,271


Dilutive potential common shares	26,011		25,900
Total diluted average common shares issued and outstanding	1,469,279		1,464,327
Diluted earnings per common share	$	0.39	$	0.29
Anti-dilutive awards (1)	9,344		2,148

(1)Reflects the total number of shares related to outstanding options that have been excluded from the computation of diluted earnings per share because the impact would have been anti-dilutive.