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Earnings Per Common Share
 6 Months Ended
Jun. 30, 2013
Earnings Per Share [Abstract]  
Earnings Per Common Share
O. 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
June 30,		     Six Months Ended
June 30,		  
     2013     2012     2013     2012  

Numerator (basic and diluted):

         

Income (loss) from continuing operations

    $ 82      $ (51 )    $ 138      $ (9 ) 

Allocation to unvested restricted stock awards

      (2 )      (1 )      (3 )      (1 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Income (loss) from continuing operations attributable to common shareholders

      80        (52 )      135        (10 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Loss from discontinued Operations, net

      (5 )      (24 )      (14 )      (33 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net income (loss) available to common shareholders

    $ 75      $ (76 )    $ 121      $ (43 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Denominator:

         

Basic common shares (based upon weighted average)

      349        349        349        349   

Add:

         

Contingent common shares

      —          —          —          —     

Stock option dilution

      3        —          3        —     
  

 

 

    

 

 

    

 

 

    

 

 

  

Diluted common shares

      352        349        352        349   
  

 

 

    

 

 

    

 

 

    

 

 

  

For the three months and six months ended June 30, 2013 and 2012, the Company allocated dividends and undistributed earnings (only in 2013) to the unvested restricted stock awards (participating securities).

 

Additionally, 14 million common shares for both the three months and six months ended June 30, 2013 and 34 million common shares for both the three months and six months ended June 30, 2012 related to stock options were excluded from the computation of diluted earnings per common share due to their antidilutive effect.

In the first six months of 2013, the Company granted 1.6 million shares of long-term stock awards; to offset the dilutive impact of these awards and awards granted in late 2012, the Company also repurchased and retired 1.7 million shares of Company common stock, for cash aggregating approximately $35 million. At June 30, 2013, the Company had 22.6 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 $.15 ($.15), respectively for the three months and six months ended June 30, 2013 and June 30, 2012.