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Earnings (Loss) Per Share
 12 Months Ended
Dec. 31, 2015
Earnings Per Share [Abstract]  
Earnings (Loss) Per Share
Note 14. Earnings (Loss) Per Share
Basic earnings (loss) per share of common stock is computed using the weighted average number of shares of common stock outstanding during each period. The diluted earnings (loss) per share of common stock include the effect of outstanding stock options, shares of restricted stock, or shares of our common stock held in a rabbi trust (when dilutive). The following table summarizes the calculation of basic and diluted earnings (loss) per share:
 
 
Year Ended December 31,
(millions, except per share amounts)
 
2015
 
2014
 
2013
Income (Loss) from Continuing Operations
 
$
(2,441
)
 
$
1,214

 
$
907

Earnings Adjustment from Assumed Conversion of Dilutive Shares of Common Stock in Rabbi Trust (1)
 
—

 
(17
)
 
—

Income (Loss) from Continuing Operations Used for Diluted Earnings (Loss) Per Share Calculation
 
$
(2,441
)
 
$
1,197

 
$
907

 
 
 
 
 
 
 
Weighted Average Number of Shares Outstanding, Basic(2)
 
402

 
361

 
359

Incremental Shares From Assumed Conversion of Dilutive Stock Options, Restricted Stock, and Shares of Common Stock in Rabbi Trust(1)
 
—

 
6

 
4

Weighted Average Number of Shares Outstanding, Diluted
 
402

 
367

 
363

Earnings (Loss) from Continuing Operations Per Share, Basic
 
$
(6.07
)
 
$
3.36

 
$
2.53

Earnings (Loss) from Continuing Operations Per Share, Diluted
 
(6.07
)
 
3.27

 
2.50

 
 
 
 
 
 
 
Additional Information
 
 
 
 
 
 
Number of antidilutive stock options, shares of restricted stock and shares of common stock in rabbi trust excluded from calculation above
 
10

 
3

 
3

Weighted average option exercise price per share
 
$
52.39

 
$
60.30

 
$
53.40


(1) 
For the year ended December 31, 2015, all outstanding options and non-vested restricted shares have been excluded from the calculation of diluted earnings (loss) per share as Noble Energy incurred a loss from continuing operations. Therefore, inclusion of outstanding options and non-vested restricted shares in the calculation of diluted earnings (loss) per share would be anti-dilutive.
Consistent with GAAP, when dilutive, deferred compensation gains or losses, net of tax, are excluded from net income while our common shares held in the rabbi trust are included in the diluted share count. For this reason, the diluted earnings (loss) per share calculation for the year ended December 31, 2014 excludes deferred compensation gains, net of tax.
(2) 
The weighted average number of shares outstanding includes the weighted average shares of common stock issued in connection with the underwritten public offering of 24.15 million shares of Noble Energy common stock in first quarter 2015 and issued in connection with the exchange of approximately 41 million shares for all outstanding shares of Rosetta common stock on July 20, 2015.