Earnings Per Common Share (Tables)

6 Months Ended

Jun. 30, 2011

Schedule of earnings per common share, basic and diluted

Earnings per common share from continuing operations were computed as follows (dollars and shares in millions, except per share amounts):



	Three Months Ended June 30,
	2011				2010
	Restricted Stock		Common Stock		Restricted Stock		Common Stock
Earnings per common share from continuing operations:
Net income attributable to Valero stockholders from continuing operations			$	745			$	520
Less dividends paid:
Common stock			29				29
Nonvested restricted stock			—				—
Undistributed earnings			$	716			$	491

Weighted-average common shares outstanding	3		567		3		563

Earnings per common share from continuing operations:
Distributed earnings	$	0.05	$	0.05	$	0.05	$	0.05
Undistributed earnings	1.26		1.26		0.87		0.87
Total earnings per common share from continuing operations	$	1.31	$	1.31	$	0.92	$	0.92

Earnings per common share from continuing operations – assuming dilution:
Net income attributable to Valero stockholders from continuing operations			$	745			$	520
Weighted-average common shares outstanding			567				563
Common equivalent shares:
Stock options			5				3
Performance awards and unvested restricted stock			2				1
Weighted-average common shares outstanding – assuming dilution			574				567
Earnings per common share from continuing operations – assuming dilution			$	1.30			$	0.92



	Six Months Ended June 30,
	2011				2010
	Restricted Stock		Common Stock		Restricted Stock		Common Stock
Earnings per common share from continuing operations:
Net income attributable to Valero stockholders from continuing operations			$	849			$	440
Less dividends paid:
Common stock			57				57
Nonvested restricted stock			—				—
Undistributed earnings			$	792			$	383

Weighted-average common shares outstanding	3		567		3		563

Earnings per common share from continuing operations:
Distributed earnings	$	0.10	$	0.10	$	0.10	$	0.10
Undistributed earnings	1.39		1.39		0.68		0.68
Total earnings per common share from continuing operations	$	1.49	$	1.49	$	0.78	$	0.78

Earnings per common share from continuing operations – assuming dilution:
Net income attributable to Valero stockholders from continuing operations			$	849			$	440
Weighted-average common shares outstanding			567				563
Common equivalent shares:
Stock options			5				3
Performance awards and unvested restricted stock			1				1
Weighted-average common shares outstanding – assuming dilution			573				567
Earnings per common share from continuing operations – assuming dilution			$	1.48			$	0.78

Potentially dilutive securities excluded from calculation of earnings per common share - assuming dilution

The following table reflects potentially dilutive securities (in millions) that were excluded from the calculation of “earnings per common share from continuing operations – assuming dilution” as the effect of including such securities would have been antidilutive. These potentially dilutive securities included common stock options for which the exercise prices were greater than the average market price of our common stock during each respective reporting period.



	Three Months Ended June 30,		Six Months Ended June 30,
	2011	2010	2011	2010
Stock options	6	11	6	11