7. Earnings (Loss) Per Share

The following table reconciles earnings from continuing operations and common shares outstanding used in the calculations of basic and diluted earnings (loss) per share. Because a net loss from continuing operations was incurred during 2009, the dilutive shares produce an antidilutive net loss per share result. As a result, the diluted loss per share from continuing operations is same as the basic loss per share amount.

	Earnings	Common Shares	Earnings (Loss) per Share
	(In millions, except per share amounts)
Year Ended December 31, 2011:
Earnings from continuing operations	$ 2,134	417
Attributable to participating securities	(23)	(5)
Basic earnings per share	2,111	412	$ 5.12
Dilutive effect of potential common shares issuable	—	2
Diluted earnings per share	$ 2,111	414	$ 5.10
Year Ended December 31, 2010:
Earnings from continuing operations	$ 2,333	440
Attributable to participating securities	(26)	(5)
Basic earnings per share	2,307	435	$ 5.31
Dilutive effect of potential common shares issuable	—	1
Diluted earnings per share	$ 2,307	436	$ 5.29
Year Ended December 31, 2009:
Loss from continuing operations	$ (2,753)	444
Attributable to participating securities	31	(5)
Basic and diluted loss per share	$ (2,722)	439	$ (6.20)

Certain options to purchase shares of Devon's common stock were excluded from the dilution calculations because the options were antidilutive. These excluded options totaled 3 million, 6 million and 9 million in 2011, 2010 and 2009, respectively.