Net Income Per Common Share

9 Months Ended

Sep. 30, 2014

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 September 30,				Nine Months Ended September 30,
(in millions, except per share data)	2014		2013		2014		2013
Basic and diluted
Net income	$	154	$	147	$	444	$	424
Less:
Income allocated to participating securities	2		2		6		6
Net income attributable to common shares	$	152	$	145	$	438	$	418
Basic average common shares	179		182		179		184
Basic net income per common share	$	0.85	$	0.80	$	2.44	$	2.28
Basic average common shares	179		182		179		184
Dilutive common stock equivalents:
Net effect of assumed exercise of stock options	2		1		2		1
Net effect of the assumed exercise of warrants	4		4		5		2
Diluted average common shares	185		187		186		187
Diluted net income per common share	$	0.82	$	0.78	$	2.35	$	2.23

The following average shares related to outstanding options 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 were greater than the average market price of common shares for the period.

	Three Months Ended September 30,		Nine Months Ended September 30,
(shares in millions)	2014	2013	2014	2013
Average outstanding options	6.0	8.2	7.3	11.8
Range of exercise prices	$50.87 - $60.82	$41.70 - $61.94	$48.17 - $61.94	$34.78 - $61.94