Earnings Per Common Share

The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per common share computations for the six months and three months ended June 30, 2014 and 2013 (in millions, except per share amounts):



	Six Months Ended June 30,						Three Months Ended June 30,
	2014			2013			2014			2013
Income from continuing operations	$	488		$	295		$	227		$	158
Net income from continuing operations attributable to non-controlling interest	(22		)	(6		)	(9		)	(4		)
Net income from continuing operations attributable to ICE	466			289			218			154
Net income from discontinued operations attributable to ICE	21			—			8			—
Net income attributable to ICE	$	487		$	289		$	226		$	154

Basic earnings per share attributable to ICE common shareholders:
Continuing operations	$	4.05		$	3.97		$	1.89		$	2.11
Discontinued operations	0.19			—			0.07			—
Basic earnings per share	$	4.24		$	3.97		$	1.96		$	2.11
Basic weighted average common shares outstanding	115			73			115			73

Diluted earnings per share attributable to ICE common shareholders:
Continuing operations	$	4.03		$	3.94		$	1.88		$	2.09
Discontinued operations	0.19			—			0.07			—
Diluted earnings per share	$	4.22		$	3.94		$	1.95		$	2.09
Diluted weighted average common shares outstanding	116			73			116			73

Basic weighted average common shares outstanding	115			73			115			73
Effect of dilutive securities - stock options and restricted stock	1			—			1			—
Diluted weighted average common shares outstanding	116			73			116			73

Basic earnings per common share is calculated using the weighted average common shares outstanding during the period. The weighted average common shares outstanding during the six months ended June 30, 2014 increased from the prior period primarily due to the 42.4 million shares of the Company's common stock issued to NYSE stockholders in connection with the acquisition as of November 13, 2013. Common equivalent shares from stock options and restricted stock awards, using the treasury stock method, are also included in the diluted per share calculations unless the effect of their inclusion would be antidilutive. During the six months ended June 30, 2014 and 2013, 157,000 and 8,000 outstanding stock options, respectively, were not included in the computation of diluted earnings per common share, because to do so would have had an antidilutive effect because the outstanding stock option exercise prices were greater than the average market price of the common shares during the relevant periods.