Earnings Per Common Share

3 Months Ended

Mar. 31, 2017

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 March 31,
	2017					2016
	Participating Securities		Common Stock			Participating Securities		Common Stock
Earnings per common share:
Net income attributable to Valero stockholders			$	305				$	495
Less dividends paid:
Common stock			314					281
Participating securities			1					1
Undistributed earnings (excess distributions over earnings)			$	(10	)			$	213
Weighted-average common shares outstanding	2		448			2		469
Earnings (loss) per common share:
Distributed earnings	$	0.70	$	0.70		$	0.60	$	0.60
Undistributed earnings (excess distributions over earnings)	—		(0.02		)	0.45		0.45
Total earnings per common share	$	0.70	$	0.68		$	1.05	$	1.05
Earnings per common share – assuming dilution:
Net income attributable to Valero stockholders			$	305				$	495
Weighted-average common shares outstanding			448					469
Common equivalent shares			3					2
Weighted-average common shares outstanding – assuming dilution			451					471
Earnings per common share – assuming dilution			$	0.68				$	1.05

Participating securities include restricted stock and performance awards granted under our 2011 Omnibus Stock Incentive Plan.