Equity and Earnings Per Share (Tables)

9 Months Ended

Sep. 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 September 30,				Nine Months  Ended September 30,
	2014		2013		2014			2013
	(millions of dollars, except per share data)
Income (Numerator):
Net income from continuing operations	$	79	$	110	$	207		$	52
Net income (loss) from discontinued operations		—		8		—			(322	)
Net income (loss)	$	79	$	118	$	207		$	(270	)
Shares (Denominator) (in millions):
Weighted average shares outstanding for basic computation:
Average shares outstanding		252		249		251			245
Adjustment to shares outstanding		—		—		—			—
Weighted Average Shares Outstanding for Computation of Basic Earnings Per Share of Common Stock		252		249		251			245
Net effect of potentially dilutive shares (a)		—		—		1	(b)		—
Weighted Average Shares Outstanding for Computation of Diluted Earnings Per Share of Common Stock		252		249		252			245
Basic and Diluted Earnings per Share
Earnings per share of common stock from continuing operations	$	0.31	$	0.44	$	0.82		$	0.21
Earnings (loss) per share of common stock from discontinued operations		—		0.04		—			(1.31	)
Basic and diluted earnings (loss) per share	$	0.31	$	0.48	$	0.82		$	(1.10	)

(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 nine months ended September 30, 2014 and 2013.

(b) Includes certain unvested performance-based restricted stock units.