Earnings Per Share

3 Months Ended

Mar. 31, 2016

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 March 31,
(in millions, except per share data)	2016		2015
Net income	$	946	$	746

Basic weighted average shares outstanding	774		818
Dilutive effect of share-based awards	6		8
Diluted weighted average shares outstanding	780		826

Basic earnings per share	$	1.22	$	0.91
Diluted earnings per share	$	1.21	$	0.90