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Earnings Per Common Share | 6 Months Ended
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Jun. 30, 2014
Earnings Per Share [Abstract] |
EARNINGS PER COMMON SHARE |
10. | EARNINGS PER COMMON SHARE
Earnings per common share were computed as follows (dollars and shares in millions, except per share amounts):
| Three Months Ended June 30,
| 2014 |  | 2013
| Restricted Stock |  | Common Stock |  | Restricted Stock |  | Common Stock
Earnings per common share from continuing operations: |  |  |  |  |  |  |
Net income attributable to Valero stockholders from continuing operations |  |  | $ | 651 |  |  |  |  | $ | 463 |
Less dividends paid: |  |  |  |  |  |  |
Common stock |  |  | 133 |  |  |  |  | 109 |
Undistributed earnings |  |  | $ | 518 |  |  |  |  | $ | 354 |
Weighted-average common shares outstanding | 2 |  |  | 529 |  |  | 3 |  |  | 543 |
Earnings per common share from continuing operations: |  |  |  |  |  |  |
Distributed earnings | $ | 0.25 |  |  | $ | 0.25 |  |  | $ | 0.20 |  |  | $ | 0.20 |
Undistributed earnings | 0.98 |  |  | 0.98 |  |  | 0.65 |  |  | 0.65 |
Total earnings per common share from continuing operations | $ | 1.23 |  |  | $ | 1.23 |  |  | $ | 0.85 |  |  | $ | 0.85 |
Earnings per common share from continuing operations – assuming dilution: |  |  |  |  |  |  |
Net income attributable to Valero stockholders from continuing operations |  |  | $ | 651 |  |  |  |  | $ | 463 |
Weighted-average common shares outstanding |  |  | 529 |  |  |  |  | 543 |
Common equivalent shares: |  |  |  |  |  |  |
Stock options |  |  | 3 |  |  |  |  | 3 |
Performance awards and nonvested restricted stock |  |  | 2 |  |  |  |  | 2 |
Weighted-average common shares outstanding – assuming dilution |  |  | 534 |  |  |  |  | 548 |
Earnings per common share from continuing operations – assuming dilution |  |  | $ | 1.22 |  |  |  |  | $ | 0.84 |
| Six Months Ended June 30,
| 2014 |  | 2013
| Restricted Stock |  | Common Stock |  | Restricted Stock |  | Common Stock
Earnings per common share from continuing operations: |  |  |  |  |  |  |
Net income attributable to Valero stockholders from continuing operations |  |  | $ | 1,480 |  |  |  |  | $ | 1,114 |
Less dividends paid: |  |  |  |  |  |  |
Common stock |  |  | 265 |  |  |  |  | 219 |
Nonvested restricted stock |  |  | 1 |  |  |  |  | 1 |
Undistributed earnings |  |  | $ | 1,214 |  |  |  |  | $ | 894 |
Weighted-average common shares outstanding | 2 |  |  | 530 |  |  | 3 |  |  | 546 |
Earnings per common share from continuing operations: |  |  |  |  |  |  |
Distributed earnings | $ | 0.50 |  |  | $ | 0.50 |  |  | $ | 0.40 |  |  | $ | 0.40 |
Undistributed earnings | 2.28 |  |  | 2.28 |  |  | 1.63 |  |  | 1.63 |
Total earnings per common share from continuing operations | $ | 2.78 |  |  | $ | 2.78 |  |  | $ | 2.03 |  |  | $ | 2.03 |
Earnings per common share from continuing operations – assuming dilution: |  |  |  |  |  |  |
Net income attributable to Valero stockholders from continuing operations |  |  | $ | 1,480 |  |  |  |  | $ | 1,114 |
Weighted-average common shares outstanding |  |  | 530 |  |  |  |  | 546 |
Common equivalent shares: |  |  |  |  |  |  |
Stock options |  |  | 3 |  |  |  |  | 4 |
Performance awards and nonvested restricted stock |  |  | 2 |  |  |  |  | 2 |
Weighted-average common shares outstanding – assuming dilution |  |  | 535 |  |  |  |  | 552 |
Earnings per common share from continuing operations – assuming dilution |  |  | $ | 2.77 |  |  |  |  | $ | 2.02 |
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. 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,
| 2014 |  | 2013 |  | 2014 |  | 2013
Stock options | 1 |  |  | 3 |  |  | 1 |  |  | 3 |

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