Earnings Per Common Share (Tables)

6 Months Ended

Jun. 30, 2014

Earnings Per Share [Abstract]

Schedule of earnings per common share, basic and diluted

Earnings per common share were computed as follows (dollars and shares in millions, except per share amounts):

	Three Months Ended June 30,
	2014				2013
	Restricted Stock		Common Stock		Restricted Stock		Common Stock
Earnings per common share from continuing operations:
Net income attributable to Valero stockholders from continuing operations			$	651			$	463
Less dividends paid:
Common stock			133				109
Undistributed earnings			$	518			$	354
Weighted-average common shares outstanding	2		529		3		543
Earnings per common share from continuing operations:
Distributed earnings	$	0.25	$	0.25	$	0.20	$	0.20
Undistributed earnings	0.98		0.98		0.65		0.65
Total earnings per common share from continuing operations	$	1.23	$	1.23	$	0.85	$	0.85
Earnings per common share from continuing operations – assuming dilution:
Net income attributable to Valero stockholders from continuing operations			$	651			$	463
Weighted-average common shares outstanding			529				543
Common equivalent shares:
Stock options			3				3
Performance awards and nonvested restricted stock			2				2
Weighted-average common shares outstanding – assuming dilution			534				548
Earnings per common share from continuing operations – assuming dilution			$	1.22			$	0.84

	Six Months Ended June 30,
	2014				2013
	Restricted Stock		Common Stock		Restricted Stock		Common Stock
Earnings per common share from continuing operations:
Net income attributable to Valero stockholders from continuing operations			$	1,480			$	1,114
Less dividends paid:
Common stock			265				219
Nonvested restricted stock			1				1
Undistributed earnings			$	1,214			$	894
Weighted-average common shares outstanding	2		530		3		546
Earnings per common share from continuing operations:
Distributed earnings	$	0.50	$	0.50	$	0.40	$	0.40
Undistributed earnings	2.28		2.28		1.63		1.63
Total earnings per common share from continuing operations	$	2.78	$	2.78	$	2.03	$	2.03
Earnings per common share from continuing operations – assuming dilution:
Net income attributable to Valero stockholders from continuing operations			$	1,480			$	1,114
Weighted-average common shares outstanding			530				546
Common equivalent shares:
Stock options			3				4
Performance awards and nonvested restricted stock			2				2
Weighted-average common shares outstanding – assuming dilution			535				552
Earnings per common share from continuing operations – assuming dilution			$	2.77			$	2.02

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. Stock options were excluded from weighted-average common shares outstanding – assuming dilution because the exercise price of the stock option was greater than the average market price of our common shares during each reporting period.

	Three Months Ended June 30,		Six Months Ended June 30,
	2014	2013	2014	2013
Stock options	1	3	1	3