Earnings Per Common Share (Tables)

6 Months Ended

Jun. 30, 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 June 30,
	2013				2012
	Restricted Stock		Common Stock		Restricted Stock		Common Stock
Earnings per common share:
Net income attributable to Valero stockholders			$	466			$	831
Less dividends paid:
Common stock			109				82
Nonvested restricted stock			—				1
Undistributed earnings			$	357			$	748
Weighted-average common shares outstanding	3		543		3		550
Earnings per common share:
Distributed earnings	$	0.20	$	0.20	$	0.15	$	0.15
Undistributed earnings	0.66		0.66		1.35		1.35
Total earnings per common share	$	0.86	$	0.86	$	1.50	$	1.50

Earnings per common share – assuming dilution:
Net income attributable to Valero stockholders			$	466			$	831
Weighted-average common shares outstanding			543				550
Common equivalent shares:
Stock options			3				3
Performance awards and nonvested restricted stock			2				2
Weighted-average common shares outstanding – assuming dilution			548				555
Earnings per common share – assuming dilution			$	0.85			$	1.50



	Six Months Ended June 30,
	2013				2012
	Restricted Stock		Common Stock		Restricted Stock		Common Stock
Earnings per common share:
Net income attributable to Valero stockholders			$	1,120			$	399
Less dividends paid:
Common stock			219				165
Nonvested restricted stock			1				1
Undistributed earnings			$	900			$	233
Weighted-average common shares outstanding	3		546		3		550
Earnings per common share:
Distributed earnings	$	0.40	$	0.40	$	0.30	$	0.30
Undistributed earnings	1.64		1.64		0.42		0.42
Total earnings per common share	$	2.04	$	2.04	$	0.72	$	0.72

Earnings per common share – assuming dilution:
Net income attributable to Valero stockholders			$	1,120			$	399
Weighted-average common shares outstanding			546				550
Common equivalent shares:
Stock options			4				4
Performance awards and nonvested restricted stock			2				2
Weighted-average common shares outstanding – assuming dilution			552				556
Earnings per common share – assuming dilution			$	2.03			$	0.72

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. 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.



	Three Months Ended June 30,		Six Months Ended June 30,
	2013	2012	2013	2012
Stock options	3	6	3	6