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Net Income Per Common Share
 6 Months Ended
Jun. 30, 2017
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)
2017
 
2016
 
2017
 
2016
Basic and diluted
 
 
 
 
 
 
 
Net income
$
203

 
$
104

 
$
405

 
$
164

Less:
 
 
 
 
 
 
 
Income allocated to participating securities
1

 
1

 
3

 
2

Net income attributable to common shares
$
202

 
$
103

 
$
402

 
$
162

 
 
 
 
 
 
 
 
Basic average common shares
175

 
173

 
175

 
173

 
 
 
 
 
 
 
 
Basic net income per common share
$
1.15

 
$
0.60

 
$
2.30

 
$
0.94

 
 
 
 
 
 
 
 
Basic average common shares
175

 
173

 
175

 
173

Dilutive common stock equivalents:
 
 
 
 
 
 
 
Net effect of the assumed exercise of stock options
3

 
2

 
3

 
2

Net effect of the assumed exercise of warrants
1

 
2

 
2

 
2

Diluted average common shares
179

 
177

 
180

 
177

 
 
 
 
 
 
 
 
Diluted net income per common share
$
1.13

 
$
0.58

 
$
2.24

 
$
0.92


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. There were no anti-dilutive options for both the three- and six-month periods ended June 30, 2017.
(shares in millions)
 
Three Months Ended June 30, 2016
 
Six Months Ended June 30, 2016
Average outstanding options
 
2.6
 
4.8
Range of exercise prices
 
$46.68 - $59.86
 
$37.26 - $59.86