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


	Three Months Ended September 30,
	2013		2012
	*(millions of dollars, except* *per share data)*
Income (Numerator):
Net Income from continuing operations	$	110	$	87
Net Income from discontinued operations		8		25

Net Income	$	118	$	112

Shares (Denominator) (in millions):
Weighted average shares outstanding for basic computation:
Average shares outstanding		249		229
Adjustment to shares outstanding		—		—

Weighted Average Shares Outstanding for Computation of Basic Earnings Per Share of Common Stock		249		229
Net effect of potentially dilutive shares (a)		—		2

Weighted Average Shares Outstanding for Computation of Diluted Earnings Per Share of Common Stock		249		231

Basic and Diluted Earnings per Share
Earnings per share of common stock from continuing operations	$	0.44	$	0.38
Earnings per share of common stock from discontinued operations		0.04		0.11

Basic and diluted earnings per share	$	0.48	$	0.49

(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 September 30, 2013 and 2012.


	Nine Months Ended September 30,
	2013			2012
	(millions of dollars, except per share data)
Income (Numerator):
Net Income from continuing operations	$	52		$	184
Net (Loss) Income from discontinued operations		(322	)		58

Net (Loss) Income	$	(270	)	$	242

Shares (Denominator) (in millions):
Weighted average shares outstanding for basic computation:
Average shares outstanding		245			228
Adjustment to shares outstanding		—			—

Weighted Average Shares Outstanding for Computation of Basic Earnings Per Share of Common Stock		245			228
Net effect of potentially dilutive shares (a)		—			1

Weighted Average Shares Outstanding for Computation of Diluted Earnings Per Share of Common Stock		245			229

Basic and Diluted Earnings per Share
Earnings per share of common stock from continuing operations	$	0.21		$	0.80
(Loss) Earnings per share of common stock from discontinued operations		(1.31	)		0.26

Basic and diluted (loss) earnings per share	$	(1.10	)	$	1.06

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