Earnings per share is computed using the treasury stock method. Stock options and stock appreciation rights to purchase 4 million and 10 million shares of common stock were outstanding, but were excluded from the calculation of diluted earnings per share for the three months ended March 31, 2026 and 2025, respectively, because their exercise prices were greater than the average market price of the common shares and, therefore, the effect would be antidilutive.

The following is a reconciliation of basic and diluted earnings per share for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
In millions, except per share amounts	2026		2025
Numerator for earnings per share calculation:



Net income attributable to CVS Health	$	2,943	$	1,779

Denominator for earnings per share calculation:
Weighted average shares, basic	1,273		1,261
Restricted stock units and performance stock units	5		2
Stock options and stock appreciation rights	1		1
Weighted average shares, diluted	1,279		1,264

Earnings per share:
Basic	$	2.31	$	1.41
Diluted	$	2.30	$	1.41