Earnings Per Common Share (Tables)

9 Months Ended

Sep. 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 September 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			$	1,203			$	303
Less dividends paid:
Common stock			28				28
Nonvested restricted stock			—				—
Undistributed earnings			$	1,175			$	275

Weighted-average common shares outstanding	3		564		3		564

Earnings per common share from continuing operations:
Distributed earnings	$	0.05	$	0.05	$	0.05	$	0.05
Undistributed earnings	2.07		2.07		0.49		0.49
Total earnings per common share from continuing operations	$	2.12	$	2.12	$	0.54	$	0.54

Earnings per common share from continuing operations – assuming dilution:
Net income attributable to Valero stockholders from continuing operations			$	1,203			$	303
Weighted-average common shares outstanding			564				564
Common equivalent shares:
Stock options			3				3
Performance awards and unvested restricted stock			2				1
Weighted-average common shares outstanding – assuming dilution			569				568
Earnings per common share from continuing operations – assuming dilution			$	2.11			$	0.53



	Nine Months Ended September 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			$	2,052			$	743
Less dividends paid:
Common stock			85				85
Nonvested restricted stock			—				—
Undistributed earnings			$	1,967			$	658

Weighted-average common shares outstanding	3		566		3		563

Earnings per common share from continuing operations:
Distributed earnings	$	0.15	$	0.15	$	0.15	$	0.15
Undistributed earnings	3.46		3.46		1.16		1.16
Total earnings per common share from continuing operations	$	3.61	$	3.61	$	1.31	$	1.31

Earnings per common share from continuing operations – assuming dilution:
Net income attributable to Valero stockholders from continuing operations			$	2,052			$	743
Weighted-average common shares outstanding			566				563
Common equivalent shares:
Stock options			4				3
Performance awards and unvested restricted stock			2				1
Weighted-average common shares outstanding – assuming dilution			572				567
Earnings per common share from continuing operations – assuming dilution			$	3.59			$	1.31

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 September 30,		Nine Months Ended September 30,
	2011	2010	2011	2010
Stock options	6	17	6	14