Cigna Group
For the period ended Mar 31, 2024. Filed May 2, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 2, 2024
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Earnings Per Share
Note 6 – Earnings Per Share
Basic and diluted earnings per share were computed as follows:
| Three Months Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| March 31, 2024 · March 31, 2023 | |||||||||||
| (Shares in thousands, dollars in millions, except per share amounts) · Basic · Effect ofDilution · Diluted · Basic · Effect ofDilution · Diluted | |||||||||||
| Shareholders' net (loss) income | $(277) | $(277) | $1,267 | $1,267 | |||||||
| Shares: | |||||||||||
| Weighted average | 286,465 | 286,465 | 295,706 | 295,706 | |||||||
| Common stock equivalents | — | — | 3,293 | 3,293 | |||||||
| Total shares | 286,465 | — | 286,465 | 295,706 | 3,293 | 298,999 | |||||
| Earnings per share | $(0.97) | $— | $(0.97) | $4.28 | $(0.04) | $4.24 | |||||
Due to the Shareholders' net loss for the three months ended March 31, 2024,8.2 million outstanding employee stock options, unvested restricted stock grants and units and strategic performance shares were excluded in the computation of diluted earnings per share because their effect was anti-dilutive. For the three months ended March 31, 2023,0.9 million outstanding employee stock options were excluded in the computation of diluted earnings per share because their effect was anti-dilutive.
The Company held approximately 117.8 million shares of common stock in treasury at March 31, 2024,107.4 million shares as of December 31, 2023 and 102.7 million shares as of March 31, 2023.
The increase in Treasury stock as of March 31, 2024 and the reduction in weighted average shares outstanding for the three months ended March 31, 2024 was driven in part by 7.6 million shares of our common stock repurchased in February 2024 under the accelerated share repurchase agreements (the "ASR agreements"). Additionally, we expect final settlement of the ASR agreements to occur in the second quarter of 2024. See Note 8 for additional information.
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