Net Income Per Common Share

12 Months Ended

Dec. 31, 2016

NET INCOME PER COMMON SHARE

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



(in millions, except per share data)
Years Ended December 31	2016		2015		2014
Basic and diluted
Net income	$	477	$	521	$	593
Less income allocated to participating securities	4		6		7
Net income attributable to common shares	$	473	$	515	$	586

Basic average common shares	172		176		179

Basic net income per common share	$	2.74	$	2.93	$	3.28

Basic average common shares	172		176		179
Dilutive common stock equivalents:
Net effect of the assumed exercise of stock options	2		2		2
Net effect of the assumed exercise of warrants	3		3		4
Diluted average common shares	177		181		185

Diluted net income per common share	$	2.68	$	2.84	$	3.16

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 and warrants were greater than the average market price of common shares for the period.



(shares in millions)
Years Ended December 31	2016	2015	2014
Average outstanding options	3.3	5.1	7.2
Range of exercise prices	$37.26 - $59.86	$46.68 - $60.82	$47.24 - $61.94