Earnings Per Common Share (Tables)

9 Months Ended

Sep. 30, 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):

	Three Months Ended September 30,
	2012				2011
	Restricted  Stock		Common Stock		Restricted Stock		Common Stock
Earnings per common share from continuing operations:
Net income attributable to Valero stockholders from continuing operations			$	674			$	1,203
Less dividends paid:
Common stock			96				28
Nonvested restricted stock			1				—
Undistributed earnings			$	577			$	1,175
Weighted-average common shares outstanding	3		549		3		564
Earnings per common share from continuing operations:
Distributed earnings	$	0.18	$	0.18	$	0.05	$	0.05
Undistributed earnings	1.04		1.04		2.07		2.07
Total earnings per common share from continuing operations	$	1.22	$	1.22	$	2.12	$	2.12
Earnings per common share from continuing operations – assuming dilution:
Net income attributable to Valero stockholders from continuing operations			$	674			$	1,203
Weighted-average common shares outstanding			549				564
Common equivalent shares:
Stock options			4				3
Performance awards and nonvested restricted stock			3				2
Weighted-average common shares outstanding – assuming dilution			556				569
Earnings per common share from continuing operations – assuming dilution			$	1.21			$	2.11

	Nine Months Ended September 30,
	2012				2011
	Restricted  Stock		Common Stock		Restricted Stock		Common Stock
Earnings per common share from continuing operations:
Net income attributable to Valero stockholders from continuing operations			$	1,073			$	2,052
Less dividends paid:
Common stock			261				85
Nonvested restricted stock			2				—
Undistributed earnings			$	810			$	1,967
Weighted-average common shares outstanding	3		550		3		566
Earnings per common share from continuing operations:
Distributed earnings	$	0.48	$	0.48	$	0.15	$	0.15
Undistributed earnings	1.46		1.46		3.46		3.46
Total earnings per common share from continuing operations	$	1.94	$	1.94	$	3.61	$	3.61
Earnings per common share from continuing operations – assuming dilution:
Net income attributable to Valero stockholders from continuing operations			$	1,073			$	2,052
Weighted-average common shares outstanding			550				566
Common equivalent shares:
Stock options			4				4
Performance awards and nonvested restricted stock			2				2
Weighted-average common shares outstanding – assuming dilution			556				572
Earnings per common share from continuing operations – assuming dilution			$	1.93			$	3.59

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 stock options for which the exercise prices were greater than the average market price of our common shares during each respective reporting period.

	Three Months Ended September 30,		Nine Months Ended September 30,
	2012	2011	2012	2011
Stock options	5	6	6	6