Earnings Per Common Share (Tables)

3 Months Ended

Mar. 31, 2013

Schedule of earnings per common share, basic and diluted

Earnings per common share were computed as follows (dollars and shares in millions, except per share amounts):



	Three Months Ended March 31,
	2013				2012
	Restricted Stock		Common Stock		Restricted Stock		Common Stock
Earnings per common share:
Net income (loss) attributable to Valero stockholders			$	654			$	(432	)
Less dividends paid:
Common stock			110				83
Nonvested restricted stock			1				—
Undistributed earnings (loss)			$	543			$	(515	)
Weighted-average common shares outstanding	3		550		3		551
Earnings per common share:
Distributed earnings	$	0.20	$	0.20	$	0.15	$	0.15
Undistributed earnings (loss)	0.98		0.98		—		(0.93		)
Total earnings per common share	$	1.18	$	1.18	$	0.15	$	(0.78	)

Earnings per common share – assuming dilution:
Net income (loss) attributable to Valero stockholders			$	654			$	(432	)
Weighted-average common shares outstanding			550				551
Common equivalent shares:
Stock options			4				—
Performance awards and nonvested restricted stock			2				—
Weighted-average common shares outstanding – assuming dilution			556				551
Earnings per common share – assuming dilution			$	1.18			$	(0.78	)

Potentially dilutive securities excluded from calculation of earnings per common share - assuming dilution

The following table reflects potentially dilutive securities (in millions) that were excluded from the calculation of “earnings per common share – assuming dilution” as the effect of including such securities would have been antidilutive.



	Three Months Ended March 31,
	2013	2012
Common equivalent shares (a)	—	6
Stock options (b)	3	6

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(a)	Common equivalent shares (primarily stock options) were excluded from weighted-average common shares outstanding – assuming dilution due to the net loss for the three months ended March 31, 2012.


(b)	Stock options were excluded from weighted-average common shares outstanding – assuming dilution because the exercise price of the stock option was greater than the average market price of our common shares during each reporting period.