Earnings Per Common Share (Tables)

12 Months Ended

Dec. 31, 2013

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):

	Year Ended December 31,
	2013				2012				2011
	Restricted Stock		Common Stock		Restricted Stock		Common Stock		Restricted Stock		Common Stock
Earnings per common share from continuing operations:
Net income attributable to Valero stockholders from continuing operations			$	2,720			$	2,083			$	2,097
Less dividends paid:
Common stock			460				358				168
Nonvested restricted stock			2				2				1
Undistributed earnings			$	2,258			$	1,723			$	1,928
Weighted-average common shares outstanding	3		542		3		550		3		563
Earnings per common share from continuing operations:
Distributed earnings	$	0.85	$	0.85	$	0.65	$	0.65	$	0.30	$	0.30
Undistributed earnings	4.14		4.14		3.12		3.12		3.40		3.40
Total earnings per common share from continuing operations	$	4.99	$	4.99	$	3.77	$	3.77	$	3.70	$	3.70
Earnings per common share from continuing operations – assuming dilution:
Net income attributable to Valero stockholders from continuing operations			$	2,720			$	2,083			$	2,097
Weighted-average common shares outstanding			542				550				563
Common equivalent shares:
Stock options			4				4				4
Performance awards and nonvested restricted stock			2				2				2
Weighted-average common shares outstanding – assuming dilution			548				556				569
Earnings per common share from continuing operations – assuming dilution			$	4.97			$	3.75			$	3.69

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 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,
	2013	2012	2011
Stock options	1	4	6