Earnings Per Common Share (Tables)

12 Months Ended

Dec. 31, 2014

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



	Year Ended December 31,
	2014				2013				2012
	Restricted Stock		Common Stock		Restricted Stock		Common Stock		Restricted Stock		Common Stock
Earnings per common share from continuing operations:
Net income attributable to Valero stockholders from continuing operations			$	3,694			$	2,714			$	3,117
Less dividends paid:
Common stock			552				460				358
Nonvested restricted stock			2				2				2
Undistributed earnings			$	3,140			$	2,252			$	2,757
Weighted-average common shares outstanding	2		526		3		542		3		550
Earnings per common share from continuing operations:
Distributed earnings	$	1.05	$	1.05	$	0.85	$	0.85	$	0.65	$	0.65
Undistributed earnings	5.95		5.95		4.13		4.13		4.99		4.99
Total earnings per common share from continuing operations	$	7.00	$	7.00	$	4.98	$	4.98	$	5.64	$	5.64

Earnings per common share from continuing operations – assuming dilution:
Net income attributable to Valero stockholders from continuing operations			$	3,694			$	2,714			$	3,117
Weighted-average common shares outstanding			526				542				550
Common equivalent shares:
Stock options			2				4				4
Performance awards and nonvested restricted stock			2				2				2
Weighted-average common shares outstanding – assuming dilution			530				548				556
Earnings per common share from continuing operations – assuming dilution			$	6.97			$	4.96			$	5.61