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 |
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