Equity and Earnings Per Share

9 Months Ended

Sep. 30, 2015

(11) EQUITY AND EARNINGS PER SHARE

Basic and Diluted Earnings Per Share

PHI’s basic and diluted earnings per share calculations are shown below:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2015		2014		2015			2014
	*(millions of dollars, except per share data)*
Income (Numerator):
Net income	$	91	$	79	$	197		$	207


Shares (Denominator) (in millions):
Weighted average shares outstanding for basic computation:
Average shares outstanding		254		252		253			251
Adjustment to shares outstanding		—		—		—			—


Weighted Average Shares Outstanding for Computation of Basic Earnings Per Share of Common Stock		254		252		253			251
Net effect of potentially dilutive shares (a)		—		—		1	(b)		1	(b)


Weighted Average Shares Outstanding for Computation of Diluted Earnings Per Share of Common Stock		254		252		254			252


Basic and Diluted Earnings per Share
Basic and diluted earnings per share	$	0.36	$	0.31	$	0.78		$	0.82

(a)	There were no options to purchase shares of common stock that were excluded from the calculation of diluted EPS for each of the three and nine months ended September 30, 2015 and 2014.

(b)	Includes certain unvested performance-based restricted stock units.