Earnings Per Common Share

6 Months Ended

Jun. 30, 2015

Earnings Per Share [Abstract]

EARNINGS PER COMMON SHARE

8. EARNINGS PER COMMON SHARE

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

	Three Months Ended June 30,
	2015				2014
	Participating Securities		Common Stock		Participating Securities		Common Stock
Earnings per common share from continuing operations:
Net income attributable to Valero stockholders from continuing operations			$	1,351			$	651
Less dividends paid on common stock			203				133
Undistributed earnings			$	1,148			$	518
Weighted-average common shares outstanding	2		505		2		529
Earnings per common share from continuing operations:
Distributed earnings	$	0.40	$	0.40	$	0.25	$	0.25
Undistributed earnings	2.27		2.27		0.98		0.98
Total earnings per common share from continuing operations	$	2.67	$	2.67	$	1.23	$	1.23
Earnings per common share from continuing operations – assuming dilution:
Net income attributable to Valero stockholders from continuing operations			$	1,351			$	651
Weighted-average common shares outstanding			505				529
Common equivalent shares:
Stock options			2				3
Performance awards and nonvested restricted stock			1				2
Weighted-average common shares outstanding – assuming dilution			508				534
Earnings per common share from continuing operations – assuming dilution			$	2.66			$	1.22

	Six Months Ended June 30,
	2015				2014
	Participating Securities		Common Stock		Participating Securities		Common Stock
Earnings per common share from continuing operations:
Net income attributable to Valero stockholders from continuing operations			$	2,315			$	1,480
Less dividends paid:
Common stock			408				265
Participating securities			1				1
Undistributed earnings			$	1,906			$	1,214
Weighted-average common shares outstanding	2		509		2		530
Earnings per common share from continuing operations:
Distributed earnings	$	0.80	$	0.80	$	0.50	$	0.50
Undistributed earnings	3.73		3.73		2.28		2.28
Total earnings per common share from continuing operations	$	4.53	$	4.53	$	2.78	$	2.78
Earnings per common share from continuing operations – assuming dilution:
Net income attributable to Valero stockholders from continuing operations			$	2,315			$	1,480
Weighted-average common shares outstanding			509				530
Common equivalent shares:
Stock options			2				3
Performance awards and nonvested restricted stock			1				2
Weighted-average common shares outstanding – assuming dilution			512				535
Earnings per common share from continuing operations – assuming dilution			$	4.52			$	2.77