Earning Per Common Share

9 Months Ended

Sep. 30, 2011

L. Reconciliations of the numerators and denominators used in the computations of basic and diluted earnings per common share were as follows, in millions:


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2011			2010			2011			2010
Numerator (basic and diluted):
Net income (loss)	$	36		$	(5	)	$	(2	)	$	(9	)
Allocation to unvested restricted stock awards		(1	)		(1	)		(2	)		(2	)

Net income (loss) attributable to common shareholders		35			(6	)		(4	)		(11	)

Net income (loss) available to common shareholders	$	35		$	(6	)	$	(4	)	$	(11	)


Denominator:
Basic common shares (based upon weighted average)		348			349			348			349
Add:
Contingent common shares		—			—			—			—
Stock option dilution		—			—			—			—

Diluted common shares		348			349			348			349

For the three months and nine months ended September 30, 2011 and 2010, the Company allocated dividends to the unvested restricted stock awards (participating securities).

Additionally, 37 million common shares for the three months and nine months ended September 30, 2011 and 2010 related to stock options were excluded from the computation of diluted earnings per common share due to their antidilutive effect.

In the first nine months of 2011, the Company granted 2 million shares of long-term stock awards; to offset the dilutive impact of these awards, the Company also repurchased and retired approximately 2 million shares of Company common stock, for cash aggregating $30 million. At September 30, 2011, the Company had 25 million shares of its common stock remaining under the July 2007 Board of Directors repurchase authorization.

On the basis of amounts paid (declared), cash dividends per common share were $.075 ($.075) and $.225 ($.225), respectively, for the three months and nine months ended September 30, 2011 and the three months and nine months ended September 30, 2010.