Earnings Per Common Share

3 Months Ended

Mar. 31, 2018

Earnings Per Share [Abstract]

EARNINGS PER COMMON SHARE

9. 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,
	2018				2017
	Participating Securities		Common Stock		Participating Securities		Common Stock
Earnings per common share:
Net income attributable to Valero stockholders			$	469			$	305
Less dividends paid:
Common stock			344				314
Participating securities			1				1
Undistributedearnings (excess distributions over earnings)			$	124			$	(10	)
Weighted-average common shares outstanding	1		431		2		448
Earnings per common share:
Distributed earnings	$	0.80	$	0.80	$	0.70	$	0.70
Undistributed earnings (excess distributions over earnings)	0.29		0.29		—		(0.02		)
Total earnings per common share	$	1.09	$	1.09	$	0.70	$	0.68
Earnings per common share – assuming dilution:
Net income attributable to Valero stockholders			$	469			$	305
Weighted-average common shares outstanding			431				448
Common equivalent shares			1				3
Weighted-average common shares outstanding – assuming dilution			432				451
Earnings per common share – assuming dilution			$	1.09			$	0.68

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