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Earnings Per Common Share (Tables)
 3 Months Ended
Mar. 31, 2012
Earnings Per 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) for the three months ended March 31, 2012 and 2011:
 
2012
 
2011
 
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
 
 
$
(432
)
 
 
 
$
104

Less dividends paid:
 
 
 
 
 
 
 
Common stock
 
 
83

 
 
 
28

Nonvested restricted stock
 
 
—

 
 
 
—

Undistributed earnings (loss)
 
 
$
(515
)
 
 
 
$
76

Weighted-average common shares outstanding
3

 
551

 
3

 
566

Earnings per common share from
continuing operations:
 
 
 
 
 
 
 
Distributed earnings
$
0.15

 
$
0.15

 
$
0.05

 
$
0.05

Undistributed earnings
—

 
(0.93
)
 
0.13

 
0.13

Total earnings per common share from
continuing operations
$
0.15

 
$
(0.78
)
 
$
0.18

 
$
0.18

 
 
 
 
 
 
 
 
Earnings per common share from
continuing operations – assuming dilution:
 
 
 
 
 
 
 
Net income (loss) attributable to Valero stockholders
from continuing operations
 
 
$
(432
)
 
 
 
$
104

Weighted-average common shares outstanding
 
 
551

 
 
 
566

Common equivalent shares:
 
 

 
 
 
 
Stock options
 
 
—

 
 
 
5

Performance awards and
unvested restricted stock
 
 
—

 
 
 
2

Weighted-average common shares outstanding –
assuming dilution
 
 
551

 
 
 
573

Earnings per common share from
continuing operations – assuming dilution
 
 
$
(0.78
)
 
 
 
$
0.18



 
 
 
 
 
 
 
 
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 equivalent shares (primarily stock options), which were excluded due to the loss from continuing operations for three months ended March 31, 2012, and stock options for which the exercise prices were greater than the average market price of our common shares during each respective reporting period.

 
2012
 
2011
Common equivalent shares
6

 
—

Stock options
6

 
6