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Earnings and Dividends Per Common Share
3 Months Ended
Mar. 31, 2014
Earnings Per Share [Abstract]  
Earnings and Dividends Per Common Share
Earnings and Dividends Per Common Share
Earnings Per Share Attributable to United States Steel Corporation Shareholders
Basic earnings per common share is based on the weighted average number of common shares outstanding during the period.
Diluted earnings per common share assumes the exercise of stock options, the vesting of restricted stock units and performance awards and the conversion of convertible notes, provided in each case the effect is dilutive. The “if-converted” method is used to calculate the dilutive effect of the Senior Convertible Notes due May 2014 and the “treasury stock” method is used to calculate the dilutive effect of the Senior Convertible Notes due in 2019 (due to our current intent and policy, among other factors, to settle the principal amount of the 2019 Senior Convertible Notes in cash upon conversion).
The computations for basic and diluted earnings per common share from continuing operations are as follows:
 
 
Three Months Ended March 31,
(Dollars in millions, except per share amounts)
 
2014
 
2013
Net income (loss) attributable to United States Steel
 

 

Corporation shareholders
 
$
52

 
$
(73
)
Plus income effect of assumed conversion-interest on convertible notes
 
2

 

Net income (loss) after assumed conversion
 
$
54

 
$
(73
)
Weighted-average shares outstanding (in thousands):
 

 

Basic
 
144,757

 
144,353

Effect of convertible notes
 
10,058

 

Effect of stock options, restricted stock units and performance awards
 
1,299

 

Adjusted weighted-average shares outstanding, diluted
 
156,114

 
144,353

Basic earnings per common share
 
$
0.36

 
$
(0.51
)
Diluted earnings per common share
 
$
0.34

 
$
(0.51
)

The following table summarizes the securities that were antidilutive, and therefore, were not included in the computations of diluted earnings per common share:
 
 
Three Months Ended March 31,
 
(In thousands)
 
2014
 
2013
 
Securities granted under the 2005 Stock Incentive Plan
 
2,336

 
5,537

 
Securities convertible under the Senior Convertible Notes
 

 
26,114

(a) 
Total
 
2,336

 
31,651

 
(a) On March 27, 2013, we repurchased approximately $542 million aggregate principal amount of our 4% Senior Convertible Notes due May 2014. If the repurchases had occurred on January 1, 2013, the antidilutive securities would be 10,058 for the three months ended March 31, 2013.
Dividends Paid Per Share
The dividend for first quarter of 2014 and 2013 was five cents per common share.