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Earnings Per Share and Equity (Exelon)
 12 Months Ended
Dec. 31, 2014
Earnings Per Share [Abstract]  
Earnings Per Share and Equity (Exelon)
Earnings Per Share and Equity (Exelon)
 
Earnings per Share
 
Diluted earnings per share is calculated by dividing Net income attributable to common shareholders by the weighted average number of shares of common stock outstanding, including shares to be issued upon exercise of stock options, performance share awards and restricted stock outstanding under Exelon’s LTIPs considered to be common stock equivalents. The following table sets forth the components of basic and diluted earnings per share and shows the effect of the stock options, performance share awards and restricted stock on the weighted average number of shares outstanding used in calculating diluted earnings per share:
 
 
Year Ended December 31,
 
2014
 
2013
 
2012
Net income attributable to common shareholders
$
1,623


$
1,719


$
1,160

Weighted average common shares outstanding—basic
860


856


816

Assumed exercise and/or distributions of stock-based awards
4

 
4

 
3

Weighted average common shares outstanding—diluted
864


860


819


 
The number of stock options not included in the calculation of diluted common shares outstanding due to their antidilutive effect was approximately 17 million in 2014, 20 million in 2013, and 14 million in 2012. The number of equity units related to the PHI merger not included in the calculation of diluted common shares outstanding due to their antidilutive effect was less than 1 million for the year ended December 31, 2014 since issuance. Additionally, there were no forward units related to the PHI merger not included in the calculation of diluted common shares outstanding due to their antidilutive effect for the year ended December 31, 2014 since issuance. Refer to Note 19 — Common Stock for further information regarding the equity units and equity forward units.
 
Under share repurchase programs, 35 million shares of common stock are held as treasury stock with a cost of $2.3 billion as of December 31, 2014. In 2008, Exelon management decided to defer indefinitely any share repurchases.