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Earnings Per Common Share | 6 Months Ended
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Jun. 30, 2014
Earnings Per Common Share |
Earnings Per Common Share | O. Reconciliations of the numerators and denominators used in the computations of basic and diluted earnings per common share were as follows, in millions:
|  | Three Months Ended |  | Six Months Ended |
|  | June 30, |  | June 30, |
|  | 2014 |  | 2013 |  | 2014 |  | 2013 |
Numerator (basic and diluted): |  |  |  |  |  |  |  |  |
Income from continuing operations |  | $ | 140 |  | $ | 83 |  | $ | 216 |  | $ | 145 |
Less: Allocation to unvested restricted stock awards |  | 3 |  | 2 |  | 4 |  | 3 |
Income from continuing operations attributable to common shareholders |  | 137 |  | 81 |  | 212 |  | 142 |
Loss from discontinued operations, net |  | (1 | ) | (5 | ) | (3 | ) | (14 | )
Less: Allocation to unvested restricted stock awards |  | — |  | — |  | — |  | — |
Loss from discontinued operations attributable to common shareholders |  | (1 | ) | (5 | ) | (3 | ) | (14 | )
Net income available to common shareholders |  | $ | 136 |  | $ | 76 |  | $ | 209 |  | $ | 128 |
Denominator: |  |  |  |  |  |  |  |  |
Basic common shares (based upon weighted average) |  | 349 |  | 349 |  | 350 |  | 349 |
Add: |  |  |  |  |  |  |  |  |
Stock option dilution |  | 3 |  | 3 |  | 3 |  | 3 |
Diluted common shares |  | 352 |  | 352 |  | 353 |  | 352 |
For the three months and six months ended June 30, 2014 and 2013, the Company allocated dividends and undistributed earnings to the unvested restricted stock awards (participating securities). Additionally, 11 million common shares for both the three months and six months ended June 30, 2014 and 14 million common shares for both the three months and six months ended June 30, 2013 related to stock options were excluded from the computation of diluted earnings per common share due to their antidilutive effect. In the first six months of 2014, the Company granted 1.7 million shares of long-term stock awards; to offset the dilutive impact of these awards, the Company also repurchased and retired 1.7 million shares of Company common stock, for cash aggregating approximately $39 million. At June 30, 2014, the Company had 20.9 million shares of its common stock remaining under the July 2007 Board of Directors’ repurchase authorization. On the basis of amounts paid (declared), cash dividends per common share were $.075 ($.090) and $.15 ($.165) for the three months and six months ended June 30, 2014, respectively, and $.075 ($.075) and $.15 ($.15) for the three months and six months ended June 30, 2013, respectively.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1278-109256 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 55 -Paragraph 52 -URI http://asc.fasb.org/extlink&oid=32703322&loc=d3e4984-109258 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.21) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688 + Details
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