Earnings Per Common Share (Tables)

12 Months Ended

Dec. 31, 2011

Earnings Per Common Share [Abstract]

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):

	Year Ended December 31,
	2011				2010				2009
	Restricted Stock		Common Stock		Restricted Stock		Common Stock		Restricted Stock		Common Stock
Earnings per common share from continuing operations:
Net income (loss) attributable to Valero stockholders from continuing operations			$	2,097			$	923			$	(273	)
Less dividends paid:
Common stock			168				113				323
Nonvested restricted stock			1				1				1
Undistributed earnings (loss)			$	1,928			$	809			$	(597	)
Weighted-average common shares outstanding	3		563		3		563		2		541
Earnings per common share from continuing operations:
Distributed earnings	$	0.30	$	0.30	$	0.20	$	0.20	$	0.60	$	0.60
Undistributed earnings (loss)	3.40		3.40		1.43		1.43		—		(1.10		)
Total earnings per common share from continuing operations	$	3.70	$	3.70	$	1.63	$	1.63	$	0.60	$	(0.50	)
Earnings per common share from continuing operations – assuming dilution:
Net income (loss) attributable to Valero stockholders from continuing operations			$	2,097			$	923			$	(273	)
Weighted-average common shares outstanding			563				563				541
Common equivalent shares:
Stock options			4				3				—
Performance awards and unvested restricted stock			2				2				—
Weighted-average common shares outstanding – assuming dilution			569				568				541
Earnings per common share from continuing operations – assuming dilution			$	3.69			$	1.62			$	(0.50	)

Potentially dilutive securities excluded from calculation of earnings (loss) 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 equivalent shares (primarily stock options), which were excluded due to the loss from continuing operations for 2009, and stock options for which the exercise prices were greater than the average market price of our common shares during each respective reporting period.

	Year Ended December 31,
	2011	2010	2009
Common equivalent shares	—	—	4
Stock options	6	14	12