Earnings per Share (Tables)

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Basic and Diluted Earnings per Share

The following table sets forth the computation of basic and diluted earnings per share of common stock (shares in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Basic Earnings per Share:
Net income from continuing operations attributable to Xerox	$	294		$	307		$	587		$	570
Accrued dividends on preferred stock	(6		)	(6		)	(12		)	(12		)
Adjusted Net Income From Continuing Operations Available to Common Shareholders	$	288		$	301		$	575		$	558
Net (loss) income from discontinued operations attributable to Xerox	(23		)	2			(20		)	8
Adjusted Net Income Available to Common Shareholders	$	265		$	303		$	555		$	566
Weighted-average common shares outstanding	1,230,381			1,333,942			1,227,798			1,333,927
Basic Earnings (Loss) per Share:
Continuing operations	$	0.24		$	0.23		$	0.47		$	0.42
Discontinued operations	(0.02		)	—			(0.02		)	—
Total	$	0.22		$	0.23		$	0.45		$	0.42
Diluted Earnings per Share:
Net income from continuing operations attributable to Xerox	$	294		$	307		$	587		$	570
Accrued dividends on preferred stock	—			(6		)	—			(12		)
Interest on convertible securities, net	—			—			1			1
Adjusted Net Income From Continuing Operations Available to Common Shareholders	$	294		$	301		$	588		$	559
Net (loss) income from discontinued operations attributable to Xerox	(23		)	2			(20		)	8
Adjusted Net Income Available to Common Shareholders	$	271		$	303		$	568		$	567
Weighted-average common shares outstanding	1,230,381			1,333,942			1,227,798			1,333,927
Common shares issuable with respect to:
Stock options	5,421			5,759			5,227			6,366
Restricted stock and performance shares	22,455			24,506			21,187			23,028
Convertible preferred stock	26,966			—			26,966			—
Convertible securities	1,992			1,992			1,992			1,992
Adjusted Weighted Average Common Shares Outstanding	1,287,215			1,366,199			1,283,170			1,365,313
Diluted Earnings (Loss) per Share:
Continuing operations	$	0.23		$	0.22		$	0.46		$	0.41
Discontinued operations	(0.02		)	—			(0.02		)	—
Total	$	0.21		$	0.22		$	0.44		$	0.41
The following securities were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive (shares in thousands):
Stock options	19,484			41,732			19,678			41,125
Restricted stock and performance shares	16,517			17,316			17,785			18,794
Convertible preferred stock	—			26,966			—			26,966
Total Anti-dilutive Securities	36,001			86,014			37,463			86,885
Dividends per Common Share	$	0.0575		$	0.0425		$	0.1150		$	0.0850