Note 6 - Earnings Per Common Share

9 Months Ended

Sep. 30, 2016

Notes to Financial Statements

Earnings Per Share [Text Block]

6.      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,
	2016		2015		2016		2015
Net income attributable to Corning Incorporated	$	284	$	212	$	2,123	$	1,115
Less:  Series A convertible preferred stock dividend		24		24		73		73
Net income available to common stockholders – basic		260		188		2,050		1,042
Plus:  Series A convertible preferred stock dividend  (1)		24				73		73
Net income available to common stockholders – diluted	$	284	$	188	$	2,123	$	1,115
Weighted-average common shares outstanding – basic		978		1,210		1,046		1,241
Effect of dilutive securities:
Stock options and other dilutive securities		9		8		9		10
Series A convertible preferred stock  (1)		115				115		115
Weighted-average common shares outstanding – diluted		1,102		1,218		1,170		1,366
Basic earnings per common share	$	0.27	$	0.16	$	1.96	$	0.84
Diluted earnings per common share	$	0.26	$	0.15	$	1.81	$	0.82
Antidilutive potential shares excluded from diluted earnings per common share:
Series A convertible preferred stock  (1)				115
Employee stock options and awards		13		29		18		22
Accelerated share repurchase forward contract		14				14
Total		27		144		32		22

(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.