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Profit Per Share
 9 Months Ended
Sep. 30, 2016
Earnings Per Share [Abstract]  
Profit Per Share
Profit per share
 
 
 
 
 
 
 
 
 
 
 
Computations of profit per share:
Three Months Ended
September 30
 
Nine Months Ended
September 30
(Dollars in millions except per share data)
2016
 
2015
 
2016
 
2015
Profit for the period (A) 1
$
283

 
$
559

 
$
1,104

 
$
2,606

Determination of shares (in millions):
 
 
 

 
 
 
 
Weighted-average number of common shares outstanding (B)
584.7

 
588.4

 
583.8

 
597.9

Shares issuable on exercise of stock awards, net of shares assumed to be purchased out of proceeds at average market price
4.9

 
6.4

 
4.9

 
7.4

Average common shares outstanding for fully diluted computation (C) 2
589.6

 
594.8

 
588.7

 
605.3

Profit per share of common stock:
 

 
 

 
 
 
 
Assuming no dilution (A/B)
$
0.48

 
$
0.95

 
$
1.89

 
$
4.36

Assuming full dilution (A/C) 2
$
0.48

 
$
0.94

 
$
1.88

 
$
4.30

Shares outstanding as of September 30 (in millions)


 


 
585.1


582.2



1 
Profit attributable to common stockholders.
2 
Diluted by assumed exercise of stock-based compensation awards using the treasury stock method.
 
 
 
 
 


SARs and stock options to purchase 21,874,118 and 26,088,324 common shares were outstanding for the three and nine months ended September 30, 2016, respectively, which were not included in the computation of diluted earnings per share because the effect would have been anti-dilutive. For the three and nine months ended September 30, 2015, there were outstanding SARs and stock options to purchase 22,281,448 common shares which were anti-dilutive.

In January 2014, the Board authorized the repurchase of up to $10.0 billion of Caterpillar common stock, which will expire on December 31, 2018. In July 2015, we entered into a definitive agreement with Citibank, N.A. to purchase shares of our common stock under an accelerated stock repurchase transaction (July 2015 ASR Agreement), which was completed in September 2015. Pursuant to the terms of the July 2015 ASR Agreement, a total of approximately 19.6 million shares of our common stock were repurchased at an aggregate cost to Caterpillar of $1.5 billion. For the nine months ended September 30, 2015, a total of 25.8 million shares of our common stock were repurchased at an aggregate cost to Caterpillar of $2.0 billion. We did not purchase any Caterpillar common stock during the nine months ended September 30, 2016. As of September 30, 2016, approximately $4.5 billion of the $10.0 billion authorization was spent.