Earnings Per Common Share

6 Months Ended

Jun. 30, 2012

Earnings Per Share [Abstract]

EARNINGS PER COMMON SHARE

9. EARNINGS PER COMMON SHARE

Earnings per common share from continuing operations were computed as follows (dollars and shares in millions, except per share amounts):

	Three Months Ended June 30,
	2012				2011
	Restricted  Stock		Common Stock		Restricted Stock		Common Stock
Earnings per common share from continuing operations:
Net income attributable to Valero stockholders from continuing operations			$	831			$	745
Less dividends paid:
Common stock			82				29
Nonvested restricted stock			1				—
Undistributed earnings			$	748			$	716
Weighted-average common shares outstanding	3		550		3		567
Earnings per common share from continuing operations:
Distributed earnings	$	0.15	$	0.15	$	0.05	$	0.05
Undistributed earnings	1.35		1.35		1.26		1.26
Total earnings per common share from continuing operations	$	1.50	$	1.50	$	1.31	$	1.31
Earnings per common share from continuing operations – assuming dilution:
Net income attributable to Valero stockholders from continuing operations			$	831			$	745
Weighted-average common shares outstanding			550				567
Common equivalent shares:
Stock options			3				5
Performance awards and unvested restricted stock			2				2
Weighted-average common shares outstanding – assuming dilution			555				574
Earnings per common share from continuing operations – assuming dilution			$	1.50			$	1.30

	Six Months Ended June 30,
	2012				2011
	Restricted  Stock		Common Stock		Restricted Stock		Common Stock
Earnings per common share from continuing operations:
Net income attributable to Valero stockholders from continuing operations			$	399			$	849
Less dividends paid:
Common stock			165				57
Nonvested restricted stock			1				—
Undistributed earnings			$	233			$	792
Weighted-average common shares outstanding	3		550		3		567
Earnings per common share from continuing operations:
Distributed earnings	$	0.30	$	0.30	$	0.10	$	0.10
Undistributed earnings	0.42		0.42		1.39		1.39
Total earnings per common share from continuing operations	$	0.72	$	0.72	$	1.49	$	1.49
Earnings per common share from continuing operations – assuming dilution:
Net income attributable to Valero stockholders from continuing operations			$	399			$	849
Weighted-average common shares outstanding			550				567
Common equivalent shares:
Stock options			4				5
Performance awards and unvested restricted stock			2				1
Weighted-average common shares outstanding – assuming dilution			556				573
Earnings per common share from continuing operations – assuming dilution			$	0.72			$	1.48

The following table reflects potentially dilutive securities (in millions) that were excluded from the calculation of “earnings per common share from continuing operations – assuming dilution” as the effect of including such securities would have been antidilutive. These potentially dilutive securities included stock options for which the exercise prices were greater than the average market price of our common shares during each respective reporting period.

	Three Months Ended June 30,		Six Months Ended June 30,
	2012	2011	2012	2011
Stock options	6	6	6	6