Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2014

Earnings Per Share

Reconciliation of Earnings Per Share

		Three Months Ended June 30,
		2014					2013
				Weighted					Weighted
				Average	Per Share				Average	Per Share
		Income		Shares	Amount		Income		Shares	Amount
		(in millions, except per share amounts)
Basic earnings per share
Income (loss) from continuing operations attributable
	to the Financial Services Businesses	$	1,068				$	(492)
Direct equity adjustment			(3)					1
Less: Income (loss) attributable to noncontrolling
	interests		23					27
Less: Dividends and undistributed earnings allocated
	to participating unvested share-based payment
	awards		10					2
Income (loss) from continuing operations attributable
	to the Financial Services Businesses available to
	holders of Common Stock after direct equity
	adjustment	$	1,032	459.4	$	2.25	$	(520)	464.1	$	(1.12)
Effect of dilutive securities and compensation
	programs(1)
Add: Dividends and undistributed earnings allocated
	to participating unvested share-based payment
	awards - Basic	$	10				$	2
Less: Dividends and undistributed earnings allocated
	to participating unvested share-based payment
	awards - Diluted		10					2
Stock options				3.0					0.0
Deferred and long-term compensation programs				0.7					0.0
Exchangeable Surplus Notes			5	5.4				0	0.0
Diluted earnings per share(1)
Income (loss) from continuing operations attributable
	to the Financial Services Businesses available to
	holders of Common Stock after direct equity
	adjustment	$	1,037	468.5	$	2.21	$	(520)	464.1	$	(1.12)
		Six Months Ended June 30,
		2014					2013
				Weighted					Weighted
				Average	Per Share				Average	Per Share
		Income		Shares	Amount		Income		Shares	Amount
		(in millions, except per share amounts)
Basic earnings per share
Income (loss) from continuing operations attributable
	to the Financial Services Businesses	$	2,300				$	(1,193)
Direct equity adjustment			(5)					5
Less: Income (loss) attributable to noncontrolling
	interests		34					62
Less: Dividends and undistributed earnings allocated
	to participating unvested share-based payment
	awards		21					4
Income (loss) from continuing operations attributable
	to the Financial Services Businesses available to
	holders of Common Stock after direct equity
	adjustment	$	2,240	460.1	$	4.87	$	(1,254)	464.2	$	(2.70)
Effect of dilutive securities and compensation
	programs(1)
Add: Dividends and undistributed earnings allocated
	to participating unvested share-based payment
	awards - Basic	$	21				$	4
Less: Dividends and undistributed earnings allocated
	to participating unvested share-based payment
	awards - Diluted		21					4
Stock options				3.1					0.0
Deferred and long-term compensation programs				0.8					0.0
Exchangeable Surplus Notes			9	5.4				0	0.0
Diluted earnings per share(1)
Income (loss) from continuing operations attributable
	to the Financial Services Businesses available to
	holders of Common Stock after direct equity
	adjustment	$	2,249	469.4	$	4.79	$	(1,254)	464.2	$	(2.70)

• For the three and six months ended June 30, 2013, weighted average shares for basic earnings per share is also used for calculating diluted earnings per share because dilutive shares and dilutive earnings per share are not applicable when a loss from continuing operations is reported. As a result of the loss from continuing operations available to holders of Common Stock after direct equity adjustment for the three and six months ended June 30, 2013, all potential stock options and compensation programs were considered antidilutive.

Earnings Per Share Computation

		Three Months Ended June 30,
		2014					2013
		Income		Weighted Average Shares	Per Share Amount		Income		Weighted Average Shares	Per Share Amount
		(in millions, except per share amounts)
Basic earnings per share
Income (loss) from continuing operations attributable to
	the Closed Block Business	$	41				$	3
Less: Direct equity adjustment			(3)					1
Income (loss) from continuing operations attributable to
	the Closed Block Business available to holders of Class B
	Stock after direct equity adjustment	$	44	2.0	$	22.00	$	2	2.0	$	1.00
		Six Months Ended June 30,
		2014					2013
		Income		Weighted Average Shares	Per Share Amount		Income		Weighted Average Shares	Per Share Amount
		(in millions, except per share amounts)
Basic earnings per share
Income (loss) from continuing operations attributable to
	the Closed Block Business	$	54				$	18
Less: Direct equity adjustment			(5)					5
Income (loss) from continuing operations attributable to
	the Closed Block Business available to holders of Class B
	Stock after direct equity adjustment	$	59	2.0	$	29.50	$	13	2.0	$	6.50

Antidilutive Options Excluded From Diluted Earnings Per Share Calculation

			Three Months Ended June 30,
				2014			2013
				Shares		Exercise Price Per Share		Shares		Exercise Price Per Share
			(in millions, except per share amounts, based on weighted average)
Antidilutive stock options based on application of the treasury
	stock method			2.3	$	89.48		9.1	$	72.64
Antidilutive stock options due to loss from continuing operations
	available to holders of Common Stock after direct equity adjustment			0.0				11.3
Antidilutive shares due to loss from continuing operations available
	to holders of Common Stock after direct equity adjustment			0.0				5.2
		Total antidilutive stock options and shares		2.3				25.6
			Six Months Ended June 30,
				2014			2013
				Shares		Exercise Price Per Share		Shares		Exercise Price Per Share
			(in millions, except per share amounts, based on weighted average)
Antidilutive stock options based on application of the treasury
	stock method			2.1	$	89.88		11.2	$	70.73
Antidilutive stock options due to loss from continuing operations
	available to holders of Common Stock after direct equity adjustment			0.0				9.2
Antidilutive shares due to loss from continuing operations available
	to holders of Common Stock after direct equity adjustment			0.0				5.2
		Total antidilutive stock options and shares		2.1				25.6