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Earnings Per Common Share (Tables) | 6 Months Ended
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Jun. 30, 2014
Earnings Per Share [Abstract] |
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,
| 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 |
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 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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- Definition Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 + Details
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- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 + Details
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