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Earnings (Loss) Per Common Share from Continuing Operations
 12 Months Ended
Dec. 31, 2011
Earnings Per Common Share from Continuing Operations [Abstract]  
Earnings Per Common Share from Continuing Operations

Note 6. Earnings (Loss) Per Common Share from Continuing Operations

     Years Ended December 31,
     2011 2010 2009
             
     (Dollars in millions, except per-share
     amounts; shares in thousands)
Income (loss) from continuing operations attributable to The         
 Williams Companies, Inc. available to common stockholders         
 for basic and diluted earnings (loss) per common share (1) $ 803 $ 104 $ 206
Basic weighted-average shares   588,553   584,552   581,674
Effect of dilutive securities:         
 Nonvested restricted stock units    4,332   3,190   2,216
 Stock options    3,374   2,957   2,065
 Convertible debentures   1,916   -   -
Diluted weighted-average shares    598,175   590,699   585,955
Earnings (loss) per common share from continuing operations:         
 Basic  $ 1.36 $ .17 $ .35
 Diluted  $ 1.34 $ .17 $ .35

  • 2011 includes $.7 million of interest expense, net of tax, associated with our convertible debentures. (See Note 12.) This amount has been added back to income (loss) from continuing operations attributable to The Williams Companies, Inc. available to common stockholders to calculate diluted earnings per common share.

 

For 2010, 2.2 million weighted-average shares related to the assumed conversion of our convertible debentures, as well as the related interest, net of tax, have been excluded from the computation of diluted earnings per common share. Inclusion of these shares would have an antidilutive effect on the diluted earnings per common share. We estimate that if 2010 income (loss) from continuing operations attributable to The Williams Companies, Inc. available to common stockholders was $222 million of income, then these shares would become dilutive.

 

For 2009, 3.4 million weighted-average shares related to the assumed conversion of our convertible debentures, as well as the related interest, net of tax, have been excluded from the computation of diluted earnings per common share. Inclusion of these shares would have an antidilutive effect on the diluted earnings per common share. We estimate that if 2009 income (loss) from continuing operations attributable to The Williams Companies, Inc. available to common stockholders was $212 million of income, then these shares would become dilutive.

 

The table below includes information related to stock options for each period that were excluded from the computation of weighted-average stock options due to the option exercise price exceeding the fourth quarter weighted-average market price of our common shares.

 

     2011* 2010  2009
            
Options excluded (millions)  0.9  2.4  3.7
Weighted-average exercise price of options excluded  $29.68  $32.41  $30.21
Exercise price ranges of options excluded $26.10 - $29.72  $22.68 - $40.51  $20.28 - $42.29
Fourth quarter weighted-average market price  $24.51  $22.47  $19.81

*       Information related to the excluded options for 2011 has been adjusted to reflect the impact of the spin-off of WPX on December 31, 2011 (see Note 13).