Earnings Per Share of Common Stock

3 Months Ended

Mar. 31, 2014

Earnings Per Share [Abstract]

EARNINGS PER SHARE OF COMMON STOCK

EARNINGS PER SHARE OF COMMON STOCK

Basic earnings per share of common stock are computed using the weighted average number of common shares outstanding during the relevant period as the denominator. The denominator for diluted earnings per share of common stock reflects the weighted average of common shares outstanding plus the potential additional common shares that could result if dilutive securities and other agreements to issue common stock were exercised.

The following table reconciles basic and diluted earnings per share of common stock:

(In millions, except per share amounts)	Three Months Ended March 31
Reconciliation of Basic and Diluted Earnings per Share of Common Stock	2014		2013
Income from continuing operations	$	122	$	192
Discontinued operations (Note 13)	86		4
Net income	$	208	$	196
Weighted average number of basic shares outstanding	419		418
Assumed exercise of dilutive stock options and awards(1)	1		1
Weighted average number of diluted shares outstanding	420		419
Earnings per share:
Basic earnings per share:
Income from continuing operations	$	0.29	$	0.46
Discontinued operations (Note 13)	0.21		0.01
Net earnings per basic share	$	0.50	$	0.47
Diluted earnings per share:
Income from continuing operations	$	0.29	$	0.46
Discontinued operations (Note 13)	0.20		0.01
Net earnings per diluted share	$	0.49	$	0.47

⁽¹⁾  For the three months ended March 31, 2014, 2 million shares were excluded from the calculation of diluted shares outstanding, as their inclusion would be antidilutive.The number of potentially dilutive securities not included in the calculation of diluted shares outstanding due to their antidilutive effect was not significant for the three months ended March 31, 2013.