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Income per Share
6 Months Ended
Jun. 30, 2012
Earnings Per Share [Abstract]  
Income per Share
Income per Share
Basic income per share is based on the weighted average number of common shares outstanding during the period. Diluted income per share includes additional common shares that would have been outstanding if potential common shares with a dilutive effect had been issued.
A reconciliation of the number of shares used for the basic and diluted income per share calculations is as follows:

 
 
Three Months Ended
June 30
 
Six Months Ended
June 30
Millions of shares
 
2012
 
2011
 
2012
 
2011
Basic weighted average common shares outstanding
 
924

 
916

 
923

 
915

Dilutive effect of employee stock plans
 
2

 
5

 
3

 
5

Diluted weighted average common shares outstanding
 
926

 
921

 
926

 
920



Excluded from the computation of diluted income per share are options to purchase ten million and seven million shares of common stock that were outstanding during the three and six months ended June 30, 2012 and two million and one million shares that were outstanding during the three and six months ended June 30, 2011. These options were outstanding during these periods but were excluded because they were antidilutive, as the option exercise price was greater than the average market price of the common shares.