MetLife, Inc. Notes to the Consolidated Financial Statements — (Continued) 20. Earnings Per Common Share The following table presents the weighted average shares used in calculating basic earnings per common share and those used in calculating diluted earnings per common share for each income category presented below: (1) For purposes of the earnings per common share calculation, for the year ended December 31, 2010, the convertible preferred stock was assumed converted into shares of common stock for both basic and diluted weighted average shares. See Note 16. (2) See Note 15 for a description of the Company’s common equity units. For the years ended December 31, 2012 and 2010, all shares related to the assumed issuance of shares in settlement of the applicable purchase contracts have been excluded from the calculation of diluted earnings per common share as these assumed shares are anti-dilutive. The Company is a defendant in a large number of litigation matters. In some of the matters, very large and/or indeterminate amounts, including punitive and treble damages, are sought. Modern pleading practice in the U.S. permits considerable variation in the assertion of monetary damages or other relief. Jurisdictions may permit claimants not to specify the monetary damages sought or may permit claimants to state only that the amount sought is sufficient to invoke the jurisdiction of the trial court. In addition, jurisdictions may permit plaintiffs to allege monetary damages in amounts well exceeding reasonably possible verdicts in the jurisdiction for similar matters. This variability in pleadings, together with the actual experience of the 21. Contingencies, Commitments and Guarantees Contingencies Litigation 196 MetLife, Inc. Years Ended December 31, 2012 2011 2010 (In millions, except share and per share data) Weighted Average Shares: Weighted average common stock outstanding for basic earnings per common share (1) ................................................................. 1,070,755,561 1,059,580,442 882,436,532 Incremental common shares from assumed: ....................................... Stock purchase contracts underlying common equity units (2) .................................................................. — 1,641,444 — Exercise or issuance of stock-based awards ....................................... 6,084,078 6,872,474 7,131,346 Weighted average common stock outstanding for diluted earnings per common share (1) ................................................................. 1,076,839,639 1,068,094,360 889,567,878 Income (Loss) from Continuing Operations: Income (loss) from continuing operations, net of income tax $ 1,314 $ 6,391 $ 2,619 Less: Income (loss) from continuing operations, net of income tax, attributable to noncontrolling interests .................................................... 38 (8) (4) Less: Preferred stock dividends ............................................... 122 122 122 Preferred stock redemption premium ........................................ — 146 — Income (loss) from continuing operations, net of income tax, available to MetLife, Inc.’s common shareholders $ 1,154 $ 6,131 $ 2,501 Basic .................................................................... $ 1.08 $ 5.79 $ 2.83 Diluted ................................................................... $ 1.08 $ 5.74 $ 2.81 Income (Loss) from Discontinued Operations: Income (loss) from discontinued operations, net of income tax .......................... $ 48 $ 24 $ 44 Less: Income (loss) from discontinued operations, net of income tax, attributable to noncontrolling interests .................................................... — — — Income (loss) from discontinued operations, net of income tax, available to MetLife, Inc.’s common shareholders ....................................................... $ 48 $ 24 $ 44 Basic .................................................................... $ 0.04 $ 0.02 $ 0.05 Diluted ................................................................... $ 0.04 $ 0.02 $ 0.05 Net Income (Loss): Net income (loss) ............................................................. $ 1,362 $ 6,415 $ 2,663 Less: Net income (loss) attributable to noncontrolling interests ........................ 38 (8) (4) Less: Preferred stock dividends ............................................... 122 122 122 Preferred stock redemption premium ........................................ — 146 — Net income (loss) available to MetLife, Inc.’s common shareholders ...................... $ 1,202 $ 6,155 $ 2,545 Basic .................................................................... $ 1.12 $ 5.81 $ 2.88 Diluted ................................................................... $ 1.12 $ 5.76 $ 2.86