Net Income Per Common Share

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Net Income Per Common Share

NET INCOME PER COMMON SHARE

Basic and diluted net income per common share are presented in the following table.

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions, except per share data)	2013		2012		2013		2012
Basic and diluted
Net income	$	143	$	143	$	277	$	274
Less:
Income allocated to participating securities	2		2		4		3
Net income attributable to common shares	$	141	$	141	$	273	$	271
Basic average common shares	183		194		184		195
Basic net income per common share	$	0.77	$	0.73	$	1.48	$	1.39
Basic average common shares	183		194		184		195
Dilutive common stock equivalents:
Net effect of the assumed exercise of stock options	1		—		1		—
Net effect of the assumed exercise of warrants	3		—		2		—
Diluted average common shares	187		194		187		195
Diluted net income per common share	$	0.76	$	0.73	$	1.46	$	1.39

The following average shares related to outstanding options and warrants to purchase shares of common stock were not included in the computation of diluted net income per common share because the prices of the options and warrants were greater than the average market price of common shares for the period.

	Three Months Ended June 30,		Six Months Ended June 30,
(shares in millions)	2013	2012	2013	2012
Average outstanding options	12.2	15.7	13.6	16.7
Range of exercise prices	$37.45 - $61.94	$30.77 - $64.50	$34.78 - $61.94	$30.77 - $64.50
Average outstanding warrants				0.3
Exercise price				$30.36