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, 2019 and 2018 under the treasury stock method:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions, except shares and per share data)	2019		2018		2019		2018
Net income attributable to BlackRock	$	1,003	$	1,073	$	2,056	$	2,162
Basic weighted-average shares outstanding		155,354,552		160,980,960		156,803,244		161,114,746
Dilutive effect of nonparticipating RSUs and stock options		1,006,189		1,180,977		1,050,467		1,417,891
Total diluted weighted-average shares outstanding		156,360,741		162,161,937		157,853,711		162,532,637
Basic earnings per share	$	6.46	$	6.67	$	13.11	$	13.42
Diluted earnings per share	$	6.41	$	6.62	$	13.02	$	13.30