Earnings Per Share

6 Months Ended

Jun. 30, 2015

EARNINGS PER SHARE

We calculate basic earnings per share by dividing net income by the weighted average number of common shares outstanding, excluding restricted shares. We calculate diluted earnings per share by dividing net income by the weighted average number of common shares outstanding plus the dilutive effect of outstanding share-based awards, including stock options and restricted stock awards. Antidilutive common stock equivalents excluded from the diluted earnings per share calculation are not material. The following table shows the computation of basic and diluted earnings per share:



	Three Months Ended June 30,				Six Months Ended June 30,
(in millions, except per share data)	2015		2014		2015		2014
Net income	$	1,485	$	801	$	2,231	$	1,014

Basic weighted average shares outstanding	803		841		811		843
Dilutive effect of share-based awards	8		9		8		9
Diluted weighted average shares outstanding	811		850		819		852

Basic earnings per share	$	1.85	$	0.95	$	2.75	$	1.20
Diluted earnings per share	$	1.83	$	0.94	$	2.72	$	1.19