v2.3.0.15
Earnings Per Share
9 Months Ended
Sep. 30, 2011
Earnings Per Share 
Earnings Per Share

16.   Earnings Per Share

 

The following table reconciles earnings from continuing operations and common shares outstanding used in the calculations of basic and diluted earnings per share.

 

 

 

Earnings

Common Shares

Earnings

per Share

 

(In millions, except per share amounts)

Three Months Ended September 30, 2011:

 

 

 

  Earnings from continuing operations

$       1,040

             414

 

  Attributable to participating securities

              (11)

                (4)

 

  Basic earnings per share

          1,029

             410

$             2.51

  Dilutive effect of potential common shares issuable

     upon the exercise of outstanding stock options

 

                —

 

                  1

 

 

  Diluted earnings per share

$       1,029

             411

$             2.50

 

 

 

 

Three Months Ended September 30, 2010:

 

 

 

  Earnings from continuing operations

$           429

             435

 

  Attributable to participating securities

                (4)

                (5)

 

  Basic earnings per share

             425

             430

$             0.99

  Dilutive effect of potential common shares issuable

     upon the exercise of outstanding stock options

 

                —

 

                  1

 

 

  Diluted earnings per share

$           425

             431

$             0.98

 

 

 

 

Nine Months Ended September 30, 2011:

 

 

 

  Earnings from continuing operations

$       1,613

             421

 

  Attributable to participating securities

              (16)

                (4)

 

  Basic earnings per share

          1,597

             417

$             3.83

  Dilutive effect of potential common shares issuable

     upon the exercise of outstanding stock options

 

                —

 

                  1

 

 

  Diluted earnings per share

$       1,597

             418

$             3.82

 

 

 

 

Nine Months Ended September 30, 2010:

 

 

 

  Earnings from continuing operations

$       1,855

             442

 

  Attributable to participating securities

              (21)

                (5)

 

  Basic earnings per share

          1,834

             437

$             4.20

  Dilutive effect of potential common shares issuable

     upon the exercise of outstanding stock options

 

                —

 

                  2

 

 

  Diluted earnings per share

$       1,834

             439

$             4.18

Certain options to purchase shares of Devon's common stock are excluded from the dilution calculation because the options are antidilutive. During the three-month and nine-month periods ended September 30, 2011, 5.3 million shares and 3.1 million shares, respectively, were excluded from the diluted earnings per share calculations. During the three-month and nine-month periods ended September 30, 2010, 8.6 million shares and 7.9 million shares, respectively, were excluded from the diluted earnings per share calculations.