Earnings Per Share

12 Months Ended

Dec. 31, 2015

Basic and diluted earnings per share are based on the weighted-average number of shares of common stock and potential common stock outstanding during the period. Potential common stock, for purposes of determining diluted earnings per share, includes the effects of dilutive restricted stock units, stock options and convertible securities. The effect of such potential common stock is computed using the treasury stock method or the if-converted method, as applicable.

The following table is a reconciliation of the numerator and denominator of the basic and diluted earnings per share computation for income from continuing operations for the years ended December 31, 2015, 2014 and 2013, where income represents the numerator and weighted-average shares represent the denominator. Values are in millions except per share data:



Year Ended December 31,	2015						2014						2013
	Income		Shares	$ per Share			Income		Shares	$ per Share			Income		Shares	$ per Share
BASIC EARNINGS PER SHARE
Income from continuing operations attributable to The AES Corporation common stockholders	$	306	687	$	0.45		$	789	720	$	1.10		$	284	743	$	0.38
EFFECT OF DILUTIVE SECURITIES
Stock options	—		—	—			—		1	—			—		1	—
Restricted stock units	—		2	(0.01		)	—		3	(0.01		)	—		4	—
DILUTED EARNINGS PER SHARE	$	306	689	$	0.44		$	789	724	$	1.09		$	284	748	$	0.38

The calculation of diluted earnings per share excluded 8 million, 6 million and 7 million stock awards outstanding for the years ended December 31, 2015, 2014 and 2013, respectively, that could potentially dilute basic earnings per share in the future. Additionally, for the years ended December 31, 2015, 2014 and 2013, all 15 million convertible debentures were omitted from the earnings per share calculation. The stock awards and convertible debentures were excluded from the calculation because they were anti-dilutive.