Equity and Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2014

Earnings Per Share [Abstract]

Calculation of Earnings Per Share of Common Stock

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

	Three Months Ended June 30,					Six Months Ended June 30,
	2014		2013			2014		2013
	(millions of dollars, except per share data)
Income (Numerator):
Net income (loss) from continuing operations	$	53	$	53		$	128	$	(58	)
Net loss from discontinued operations		—		(11	)		—		(330	)
Net income (loss)	$	53	$	42		$	128	$	(388	)
Shares (Denominator) (in millions):
Weighted average shares outstanding for basic computation:
Average shares outstanding		251		249			251		243
Adjustment to shares outstanding		—		—			—		—
Weighted Average Shares Outstanding for Computation of Basic Earnings Per Share of Common Stock		251		249			251		243
Net effect of potentially dilutive shares (a)		1		—			—		—
Weighted Average Shares Outstanding for Computation of Diluted Earnings Per Share of Common Stock		252		249			251		243
Basic and Diluted Earnings per Share
Earnings (loss) per share of common stock from continuing operations	$	0.21	$	0.21		$	0.51	$	(0.24	)
Loss per share of common stock from discontinued operations		—		(0.04	)		—		(1.36	)
Basic and diluted earnings (loss) per share	$	0.21	$	0.17		$	0.51	$	(1.60	)

(a) There were no options to purchase shares of common stock that were excluded from the calculation of diluted EPS for each of the three and six months ended June 30, 2014 and 2013.