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Earnings Per Share and Equity (Exelon)
 3 Months Ended
Mar. 31, 2015
Earnings Per Share [Abstract]  
Earnings Per Share and Equity (Exelon)
Earnings Per Share and Equity (Exelon)
Earnings per Share (Exelon)

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 adjusted to include the potentially dilutive effect of stock options, performance share awards and restricted stock outstanding under Exelon’s LTIPs. The following table sets forth the components of basic and diluted earnings per share and shows the effect of these stock options, performance share awards and restricted stock on the weighted average number of shares outstanding (in millions) used in calculating diluted earnings per share: 
 
Three Months Ended March 31,
 
2015
 
2014
Net income attributable to common shareholders
$
693

 
$
90

Average common shares outstanding — basic
862

 
858

Potentially dilutive effect of stock options, performance share awards and restricted stock
5

 
3

Average common shares outstanding — diluted
867

 
861


The number of stock options not included in the calculation of diluted common shares outstanding due to their antidilutive effect was approximately 15 million and 18 million for the three months ended March 31, 2015 and 2014, respectively. 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 three months ended March 31, 2015 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 three months ended March 31, 2015 and since issuance. Refer to Note 15 — 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 March 31, 2015. In 2008, Exelon management decided to defer indefinitely any share repurchases.