Earnings Per Common Share

9 Months Ended

Sep. 30, 2013


9.	EARNINGS PER COMMON SHARE

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



	Three Months Ended September 30,
	2013				2012
	Restricted Stock		Common Stock		Restricted Stock		Common Stock
Earnings per common share:
Net income attributable to Valero stockholders			$	312			$	674
Less dividends paid:
Common stock			121				96
Nonvested restricted stock			1				1
Undistributed earnings			$	190			$	577
Weighted-average common shares outstanding	3		540		3		549
Earnings per common share:
Distributed earnings	$	0.23	$	0.23	$	0.18	$	0.18
Undistributed earnings	0.35		0.35		1.04		1.04
Total earnings per common share	$	0.58	$	0.58	$	1.22	$	1.22

Earnings per common share – assuming dilution:
Net income attributable to Valero stockholders			$	312			$	674
Weighted-average common shares outstanding			540				549
Common equivalent shares:
Stock options			3				4
Performance awards and nonvested restricted stock			2				3
Weighted-average common shares outstanding – assuming dilution			545				556
Earnings per common share – assuming dilution			$	0.57			$	1.21



	Nine Months Ended September 30,
	2013				2012
	Restricted Stock		Common Stock		Restricted Stock		Common Stock
Earnings per common share:
Net income attributable to Valero stockholders			$	1,432			$	1,073
Less dividends paid:
Common stock			340				261
Nonvested restricted stock			2				2
Undistributed earnings			$	1,090			$	810
Weighted-average common shares outstanding	3		544		3		550
Earnings per common share:
Distributed earnings	$	0.63	$	0.63	$	0.48	$	0.48
Undistributed earnings	1.99		1.99		1.46		1.46
Total earnings per common share	$	2.62	$	2.62	$	1.94	$	1.94

Earnings per common share – assuming dilution:
Net income attributable to Valero stockholders			$	1,432			$	1,073
Weighted-average common shares outstanding			544				550
Common equivalent shares:
Stock options			3				4
Performance awards and nonvested restricted stock			2				2
Weighted-average common shares outstanding – assuming dilution			549				556
Earnings per common share – assuming dilution			$	2.61			$	1.93

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 September 30,		Nine Months Ended September 30,
	2013	2012	2013	2012
Stock options	3	5	3	6

- Definition

The entire disclosure for earnings per share.

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