Equity

9 Months Ended

Sep. 30, 2012

Equity [Abstract]

EQUITY

7. EQUITY

The following is a reconciliation of the beginning and ending balances (in millions) of equity attributable to our stockholders, equity attributable to the noncontrolling interest, and total equity for the nine months ended September 30, 2012 and 2011:

	2012									2011
	Valero Stockholders’ Equity			Non- controlling Interest			Total Equity			Valero Stockholders’ Equity			Non- controlling Interest			Total Equity
Balance as of beginning of period	$	16,423		$	22		$	16,445		$	15,025		$	—		$	15,025
Net income (loss)	1,073			(2		)	1,071			2,045			(1		)	2,044
Dividends	(263		)	—			(263		)	(85		)	—			(85		)
Stock-based compensation expense	29			—			29			34			—			34
Tax deduction in excess of stock-based compensation expense	16			—			16			19			—			19
Transactions in connection with stock-based compensation plans:
Stock issuances	36			—			36			42			—			42
Stock repurchases	(138		)	—			(138		)	(270		)	—			(270		)
Contributions from noncontrolling interest	—			34			34			—			14			14
Recognition of noncontrolling interest in connection with Pembroke Acquisition	—			—			—			—			3			3
Other comprehensive income (loss)	156			—			156			(156		)	—			(156		)
Balance as of end of period	$	17,332		$	54		$	17,386		$	16,654		$	16		$	16,670

The noncontrolling interests relate to third-party ownership interests in Diamond Green Diesel Holdings LLC and Mainline Pipelines Limited (MLP), companies whose financial statements we consolidate due to our controlling interests. In the fourth quarter of 2011, we acquired the noncontrolling interest in MLP.

Share Activity

Activity in the number of shares of common stock and treasury stock was as follows (in millions) for the nine months ended September 30, 2012 and 2011:

	2012			2011
	Common Stock	Treasury Stock		Common Stock	Treasury Stock
Balance as of beginning of period	673	(117	)	673	(105	)
Transactions in connection with stock-based compensation plans:
Stock issuances	—	3		—	4
Stock purchases	—	(6	)	—	(14	)
Balance as of end of period	673	(120	)	673	(115	)