17. Earnings Per Share

Due to the similarities in terms between BlackRock nonvoting participating preferred stock and the Company’s common stock, the Company considers its participating preferred stock to be a common stock equivalent for purposes of earnings per share (“EPS”) calculations. As such, the Company has included the outstanding nonvoting participating preferred stock in the calculation of average basic and diluted shares outstanding.

The following table sets forth the computation of basic and diluted EPS for the three and six months ended June 30, 2017 and 2016 under the treasury stock method:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions, except shares and per share data)	2017		2016		2017		2016
Net income attributable to BlackRock	$	857	$	789	$	1,719	$	1,446
Basic weighted-average shares outstanding		162,502,465		164,758,612		162,758,112		165,073,371
Dilutive effect of nonparticipating RSUs and stock options		1,647,396		1,880,678		1,786,648		1,950,188
Total diluted weighted-average shares outstanding		164,149,861		166,639,290		164,544,760		167,023,559
Basic earnings per share	$	5.27	$	4.79	$	10.56	$	8.76
Diluted earnings per share	$	5.22	$	4.73	$	10.45	$	8.66