Note 5 - Earnings Per Common Share

9 Months Ended

Sep. 30, 2015

5. Earnings per Common Share

The following table sets forth the computation of basic and diluted earnings per common share (in millions, except per share amounts):

	Three months ended September 30,				Nine months ended September 30,
	2015		2014		2015		2014
Net income attributable to Corning Incorporated	$	212	$	1,014	$	1,115	$	1,484
Less: Series A convertible preferred stock dividend		24		24		73		70
Net income available to common stockholders - basic		188		990		1,042		1,414
Plus: Series A convertible preferred stock dividend (1)				24		73		70
Net income available to common stockholders - diluted	$	188	$	1,014	$	1,115	$	1,484

Weighted-average common shares outstanding - basic		1,210		1,284		1,241		1,315
Effect of dilutive securities:
Stock options and other dilutive securities		8		12		10		12
Series A convertible preferred stock (1)				115		115		109
Weighted-average common shares outstanding - diluted		1,218		1,411		1,366		1,436
Basic earnings per common share	$	0.16	$	0.77	$	0.84	$	1.08
Diluted earnings per common share	$	0.15	$	0.72	$	0.82	$	1.03

Antidilutive potential shares excluded from diluted earnings per common share:
Series A convertible preferred stock (1)		115
Employee stock options and awards		29		23		22		24
Accelerated share repurchase forward contract								4
Total		144		23		22		28

(1)	In the three months ended September 30, 2015, the Series A convertible preferred stock was anti-dilutive and therefore excluded from the calculation of diluted earnings per share.