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


	Three Months Ended June 30,
	2013		2012
	*(millions of dollars, except* *per share data)*
Income (Numerator):
Net Income from continuing operations	$	38	$	53
Net Income from discontinued operations		4		9

Net Income	$	42	$	62


Shares (Denominator) (in millions):
Weighted average shares outstanding for basic computation:
Average shares outstanding		249		228
Adjustment to shares outstanding		—		—

Weighted Average Shares Outstanding for Computation of Basic Earnings Per Share of Common Stock		249		228
Net effect of potentially dilutive shares (a)		—		1

Weighted Average Shares Outstanding for Computation of Diluted Earnings Per Share of Common Stock		249		229


Basic and Diluted Earnings per Share
Earnings per share of common stock from continuing operations	$	0.16	$	0.23
Earnings per share of common stock from discontinued operations		0.01		0.04

Basic and diluted earnings per share	$	0.17	$	0.27

(a)	There were no options to purchase shares of common stock that were excluded from the calculation of diluted EPS for the three months ended June 30, 2013 and 2012.


	Six Months Ended June 30,
	2013			2012
	(millions of dollars, except per share data)
Income (Numerator):
Net (Loss) Income from continuing operations	$	(392	)	$	113
Net Income from discontinued operations		4			17

Net (Loss) Income	$	(388	)	$	130


Shares (Denominator) (in millions):
Weighted average shares outstanding for basic computation:
Average shares outstanding		243			228
Adjustment to shares outstanding		—			—

Weighted Average Shares Outstanding for Computation of Basic Earnings Per Share of Common Stock		243			228
Net effect of potentially dilutive shares (a)		—			1

Weighted Average Shares Outstanding for Computation of Diluted Earnings Per Share of Common Stock		243			229


Basic and Diluted Earnings per Share
(Loss) Earnings per share of common stock from continuing operations	$	(1.61	)	$	0.50
Earnings per share of common stock from discontinued operations		0.01			0.07

Basic and diluted (loss) earnings per share	$	(1.60	)	$	0.57

(a)	There were no options to purchase shares of common stock that were excluded from the calculation of diluted EPS for the six months ended June 30, 2013 and 2012.