Earnings per Share

6 Months Ended

Jun. 30, 2011

Earnings per Share disclosure

Earnings per Share disclosure [Text Block]

7. EARNINGS PER SHARE

The following is a reconciliation of the net income (loss) and share data used in the basic and diluted earnings per share computations:

	Three Months Ended June 30,						Six Months Ended June 30,
(in millions, except per share amounts)	2011			2010			2011			2010
Basic
Net income (loss), as reported	$	(364	)	$	670		$	475		$	1,317
Preferred stock dividends	—			—			(1		)	(1		)
Participating share-based awards — allocated income	(2		)	(5		)	(4		)	(10		)
Net income (loss) available to common shareholders — basic	$	(366	)	$	665		$	470		$	1,306
Diluted
Net income (loss) available to common shareholders	$	(366	)	$	665		$	470		$	1,306
Effect of dilutive securities:
Convertible preferred stock	—			—			1			1
Net income (loss) available to common shareholders — diluted	$	(366	)	$	665		$	471		$	1,307
Common shares
Basic
Weighted average shares outstanding	418.6			484.5			423.3			496.3
Diluted
Weighted average shares outstanding	418.6			484.5			423.3			496.3
Weighted average effects of dilutive securities:
Stock options and performance shares	—			4.5			4.4			4.5
Convertible preferred stock	—			1.8			1.4			1.8
Total	418.6			490.8			429.1			502.6
Net Income (Loss) per Common Share
Basic	$	(0.88	)	$	1.37		$	1.11		$	2.63
Diluted	$	(0.88	)	$	1.35		$	1.10		$	2.60

Net loss per basic and diluted common share for the three months ended June 30, 2011 excluded the allocation of $4.6 million of undistributed loss to participating share-based awards, since such allocation would result in anti-dilution of basic and diluted earnings per share for the three months ended June 30, 2011.  In addition, the net loss per diluted common share for the three months ended June 30, 2011 excluded the weighted average effects of 4.6 million stock options and performance shares, and convertible preferred stock convertible into 1.2 million common shares.  The impact of these potential shares of common stock and their effects on income were excluded from the calculation of net loss per share on a diluted basis as their effect was anti-dilutive for the three months ended June 30, 2011.