Earnings Per Share

12 Months Ended

Dec. 31, 2015

EARNINGS PER SHARE

The following table presents a reconciliation of basic and diluted earnings per share (in millions, except share data and per share amounts):



	Year Ended December 31,
	2015		2014		2013
Basic:
Net income	$	268	$	293	$	86
Basic weighted-average shares outstanding (in thousands)	290,762		288,705		286,991
Basic earnings per share	$	0.92	$	1.02	$	0.30
Diluted:
Net income	$	268	$	293	$	86
Basic weighted-average shares outstanding (in thousands)	290,762		288,705		286,991
Effect of dilutive securities:
Weighted-average convertible debentures (in thousands)	2,820		3,999		4,125
Weighted-average options and restricted stock issued to employees (in thousands)	1,429		1,399		1,473
Diluted weighted-average shares outstanding (in thousands)	295,011		294,103		292,589
Diluted earnings per share	$	0.91	$	1.00	$	0.29

For the years ended December 31, 2015, 2014 and 2013, the Company excluded 0.1 million, 0.5 million and 1.7 million shares, respectively, of stock options and restricted stock awards and units from the calculations of diluted earnings per share as the effect would have been anti-dilutive.