The following table presents the calculation of basic and diluted earnings per share:


	Three Months Ended				Six Months Ended
(MILLIONS OF DOLLARS AND SHARES, EXCEPT PER SHARE DATA)	June 30,				June 30,
	2026		2025		2026		2025
Numerator
Net income before allocation to noncontrolling interests	$	691	$	726	$	1,292	$	1,328
Less: Net income/(loss) attributable to noncontrolling interests	—		—		—		—
Net income attributable to Zoetis Inc.	$	691	$	726	$	1,292	$	1,328
Denominator
Weighted-average common shares outstanding	417.6		445.1		419.9		446.3
Common stock equivalents: stock options, RSUs, PSUs and DSUs	0.1		0.4		0.2		0.4
Weighted-average common and potential dilutive shares outstanding	417.7		445.5		420.1		446.7
Earnings per share attributable to Zoetis Inc. stockholders—basic	$	1.65	$	1.63	$	3.08	$	2.98
Earnings per share attributable to Zoetis Inc. stockholders—diluted	$	1.65	$	1.63	$	3.08	$	2.97

The number of stock options outstanding under the company’s Equity Plan that were excluded from the computation of diluted earnings per share, as the effect would have been antidilutive, were not material for the three and six months ended June 30, 2026 and 2025.

For the convertible senior notes, we are required to settle the principal amount in cash and any conversion premium in excess of the principal amount in cash, shares of common stock, or a combination of cash and shares of common stock, at our election. As such, the convertible senior notes only have an impact on diluted earnings per share when the average share price of our common stock exceeds the conversion price. See Note 9. Financial Instruments.