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 June 30, 2012:
Earnings from continuing operations..............................................	$ 477	404
Attributable to participating securities............................................	(6)	(4)
Basic earnings per share....................................................................	471	400	$ 1.18
Dilutive effect of potential common shares issuable...................	—	—
Diluted earnings per share.................................................................	$ 471	400	$ 1.18

Three Months Ended June 30, 2011:
Earnings from continuing operations..............................................	$ 184	422
Attributable to participating securities............................................	(2)	(5)
Basic earnings per share....................................................................	182	417	$ 0.44
Dilutive effect of potential common shares issuable...................	—	2
Diluted earnings per share.................................................................	$ 182	419	$ 0.43

Six Months Ended June 30, 2012:
Earnings from continuing operations..............................................	$ 891	404
Attributable to participating securities............................................	(10)	(4)
Basic earnings per share....................................................................	881	400	$ 2.20
Dilutive effect of potential common shares issuable...................	—	1
Diluted earnings per share.................................................................	$ 881	401	$ 2.20

Six Months Ended June 30, 2011:
Earnings from continuing operations..............................................	$ 573	425
Attributable to participating securities............................................	(6)	(5)
Basic earnings per share....................................................................	567	420	$ 1.35
Dilutive effect of potential common shares issuable...................	—	2
Diluted earnings per share.................................................................	$ 567	422	$ 1.34

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 six-month periods ended June 30, 2012, 8.9 million shares and 6.7 million shares, respectively, were excluded from the diluted earnings per share calculations. During the three-month and six-month periods ended June 30, 2011, 3.1 million shares were excluded from the diluted earnings per share calculations.