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Equity and Earnings Per Share (Tables)
 6 Months Ended
Jun. 30, 2015
Earnings Per Share [Abstract]  
Calculation of Earnings Per Share of Common Stock

PHI’s basic and diluted earnings per share calculations are shown below:

 

     Three Months Ended
June 30,		      Six Months Ended
June 30,		  
     2015      2014      2015      2014  
     (millions of dollars, except per share data)  

Income (Numerator):

            

Net income

    $ 53      $ 53      $ 106      $ 128  
  

 

 

     

 

 

     

 

 

     

 

 

  

Shares (Denominator) (in millions):

Weighted average shares outstanding for basic computation:

Average shares outstanding

   253     251     253     251  

Adjustment to shares outstanding

   —       —       —       —    
  

 

 

     

 

 

     

 

 

     

 

 

  

Weighted Average Shares Outstanding for Computation of Basic Earnings Per Share of Common Stock

   253     251     253     251  

Net effect of potentially dilutive shares

   1     1     1     —    
  

 

 

     

 

 

     

 

 

     

 

 

  

Weighted Average Shares Outstanding for Computation of Diluted Earnings Per Share of Common Stock

   254     252     254     251  
  

 

 

     

 

 

     

 

 

     

 

 

  

Basic and Diluted Earnings per Share

Basic and diluted earnings per share

 $ 0.21   $ 0.21   $ 0.42   $ 0.51