Net Income Per Common Share

9 Months Ended

Sep. 30, 2016

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)	2016		2015		2016		2015
Basic and diluted
Net income	$	149	$	136	$	313	$	405
Less:
Income allocated to participating securities	1		2		3		5
Net income attributable to common shares	$	148	$	134	$	310	$	400
Basic average common shares	171		176		173		176
Basic net income per common share	$	0.87	$	0.76	$	1.80	$	2.27
Basic average common shares	171		176		173		176
Dilutive common stock equivalents:
Net effect of the assumed exercise of stock options	2		2		1		2
Net effect of the assumed exercise of warrants	3		3		2		4
Diluted average common shares	176		181		176		182
Diluted net income per common share	$	0.84	$	0.74	$	1.76	$	2.20

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 options were anti-dilutive for the period.

	Three Months Ended September 30,		Nine Months Ended September 30,
(shares in millions)	2016	2015	2016	2015
Average outstanding options	2.6	4.6	4.0	5.4
Range of exercise prices	$46.68 - $59.86	$46.68 - $60.82	$37.26 - $59.86	$46.68 - $60.82