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EARNINGS PER COMMON SHARE
 12 Months Ended
Dec. 31, 2013
EARNINGS PER COMMON SHARE  
EARNINGS PER COMMON SHARE

T. EARNINGS PER COMMON SHARE

        Reconciliations of the numerators and denominators used in the computations of basic and diluted earnings per common share were as follows, in millions:

 
   2013   2012   2011  

Numerator (basic and diluted):

                    

Income (loss) from continuing operations

   $ 282   $ (53 ) $ (394 )

Less: Allocation to unvested restricted stock awards

     6     2     3  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income (loss) from continuing operations attributable to common shareholders

     276     (55 )   (397 )
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Loss from discontinued operations, net

     (10 )   (61 )   (181 )

Allocation to unvested restricted stock awards

     —     —     —  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Loss from discontinued operations attributable to common shareholders

     (10 )   (61 )   (181 )
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net income (loss) available to common shareholders

   $ 266   $ (116 ) $ (578 )
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               

Denominator:

                    

Basic common shares (based upon weighted average)

     350     349     348  

Add:

                    

Contingent common shares

     —     —     —  

Stock option dilution

     2     —     —  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Diluted common shares

     352     349     348  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               

        The Company follows accounting guidance regarding determining whether instruments granted in share-based payment transactions are participating securities. This accounting guidance clarifies that share-based payment awards that entitle their holders to receive non-forfeitable dividends prior to vesting should be considered participating securities. The Company has granted restricted stock awards that contain non-forfeitable rights to dividends on unvested shares; such unvested restricted stock awards are considered participating securities. As participating securities, the unvested shares are required to be included in the calculation of the Company's basic earnings per common share, using the "two-class method." The two-class method of computing earnings per common share is an allocation method that calculates earnings per share for each class of common stock and participating security according to dividends declared and participation rights in undistributed earnings. For the years ended December 31, 2013, 2012 and 2011, the Company allocated dividends and undistributed earnings (only in 2013) to the unvested restricted stock awards (participating securities).

        Additionally, 12 million common shares, 30 million common shares and 36 million common shares for 2013, 2012 and 2011, respectively, related to stock options were excluded from the computation of diluted earnings per common share due to their antidilutive effect.

        Common shares outstanding included on the Company's balance sheet and for the calculation of earnings per common share do not include unvested stock awards (8 million shares and 8 million common shares at December 31, 2013 and 2012, respectively); shares outstanding for legal requirements included all common shares that have voting rights (including unvested stock awards).