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Earnings Per Common Share | 6 Months Ended
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Jun. 30, 2012
Earnings Per Share [Abstract] |
EARNINGS PER COMMON SHARE |
9. | EARNINGS PER COMMON SHARE
Earnings per common share from continuing operations were computed as follows (dollars and shares in millions, except per share amounts):
| Three Months Ended June 30,
| 2012 |  | 2011
| Restricted Stock |  | Common Stock |  | Restricted Stock |  | Common Stock
Earnings per common share from continuing operations: |  |  |  |  |  |  |
Net income attributable to Valero stockholders from continuing operations |  |  | $ | 831 |  |  |  |  | $ | 745 |
Less dividends paid: |  |  |  |  |  |  |
Common stock |  |  | 82 |  |  |  |  | 29 |
Nonvested restricted stock |  |  | 1 |  |  |  |  | — |
Undistributed earnings |  |  | $ | 748 |  |  |  |  | $ | 716 |
Weighted-average common shares outstanding | 3 |  |  | 550 |  |  | 3 |  |  | 567 |
Earnings per common share from continuing operations: |  |  |  |  |  |  |
Distributed earnings | $ | 0.15 |  |  | $ | 0.15 |  |  | $ | 0.05 |  |  | $ | 0.05 |
Undistributed earnings | 1.35 |  |  | 1.35 |  |  | 1.26 |  |  | 1.26 |
Total earnings per common share from continuing operations | $ | 1.50 |  |  | $ | 1.50 |  |  | $ | 1.31 |  |  | $ | 1.31 |
Earnings per common share from continuing operations – assuming dilution: |  |  |  |  |  |  |
Net income attributable to Valero stockholders from continuing operations |  |  | $ | 831 |  |  |  |  | $ | 745 |
Weighted-average common shares outstanding |  |  | 550 |  |  |  |  | 567 |
Common equivalent shares: |  |  |  |  |  |  |
Stock options |  |  | 3 |  |  |  |  | 5 |
Performance awards and unvested restricted stock |  |  | 2 |  |  |  |  | 2 |
Weighted-average common shares outstanding – assuming dilution |  |  | 555 |  |  |  |  | 574 |
Earnings per common share from continuing operations – assuming dilution |  |  | $ | 1.50 |  |  |  |  | $ | 1.30 |
| Six Months Ended June 30,
| 2012 |  | 2011
| Restricted Stock |  | Common Stock |  | Restricted Stock |  | Common Stock
Earnings per common share from continuing operations: |  |  |  |  |  |  |
Net income attributable to Valero stockholders from continuing operations |  |  | $ | 399 |  |  |  |  | $ | 849 |
Less dividends paid: |  |  |  |  |  |  |
Common stock |  |  | 165 |  |  |  |  | 57 |
Nonvested restricted stock |  |  | 1 |  |  |  |  | — |
Undistributed earnings |  |  | $ | 233 |  |  |  |  | $ | 792 |
Weighted-average common shares outstanding | 3 |  |  | 550 |  |  | 3 |  |  | 567 |
Earnings per common share from continuing operations: |  |  |  |  |  |  |
Distributed earnings | $ | 0.30 |  |  | $ | 0.30 |  |  | $ | 0.10 |  |  | $ | 0.10 |
Undistributed earnings | 0.42 |  |  | 0.42 |  |  | 1.39 |  |  | 1.39 |
Total earnings per common share from continuing operations | $ | 0.72 |  |  | $ | 0.72 |  |  | $ | 1.49 |  |  | $ | 1.49 |
Earnings per common share from continuing operations – assuming dilution: |  |  |  |  |  |  |
Net income attributable to Valero stockholders from continuing operations |  |  | $ | 399 |  |  |  |  | $ | 849 |
Weighted-average common shares outstanding |  |  | 550 |  |  |  |  | 567 |
Common equivalent shares: |  |  |  |  |  |  |
Stock options |  |  | 4 |  |  |  |  | 5 |
Performance awards and unvested restricted stock |  |  | 2 |  |  |  |  | 1 |
Weighted-average common shares outstanding – assuming dilution |  |  | 556 |  |  |  |  | 573 |
Earnings per common share from continuing operations – assuming dilution |  |  | $ | 0.72 |  |  |  |  | $ | 1.48 |
The following table reflects potentially dilutive securities (in millions) that were excluded from the calculation of “earnings per common share from continuing operations – assuming dilution” as the effect of including such securities would have been antidilutive. These potentially dilutive securities included stock options for which the exercise prices were greater than the average market price of our common shares during each respective reporting period.
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2012 |  | 2011 |  | 2012 |  | 2011
Stock options | 6 |  |  | 6 |  |  | 6 |  |  | 6 |

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 55 -Paragraph 52 -URI http://asc.fasb.org/extlink&oid=16381557&loc=d3e4984-109258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1278-109256 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 40 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.21) -URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688 + Details
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