Earnings Per Common Share (Tables)

9 Months Ended

Sep. 30, 2015

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 September 30,
	2015				2014
	Participating Securities		Common Stock		Participating Securities		Common Stock
Earnings per common share from continuing operations:
Net income attributable to Valero stockholders from continuing operations			$	1,377			$	1,059
Less dividends paid:
Common stock			198				145
Participating securities			1				—
Undistributed earnings			$	1,178			$	914
Weighted-average common shares outstanding	2		491		2		526
Earnings per common share from continuing operations:
Distributed earnings	$	0.40	$	0.40	$	0.28	$	0.28
Undistributed earnings	2.39		2.39		1.73		1.73
Total earnings per common share from continuing operations	$	2.79	$	2.79	$	2.01	$	2.01
Earnings per common share from continuing operations – assuming dilution:
Net income attributable to Valero stockholders from continuing operations			$	1,377			$	1,059
Weighted-average common shares outstanding			491				526
Common equivalent shares:
Stock options			1				2
Performance awards and nonvested restricted stock			2				2
Weighted-average common shares outstanding – assuming dilution			494				530
Earnings per common share from continuing operations – assuming dilution			$	2.79			$	2.00

	Nine Months Ended September 30,
	2015				2014
	Participating Securities		Common Stock		Participating Securities		Common Stock
Earnings per common share from continuing operations:
Net income attributable to Valero stockholders from continuing operations			$	3,692			$	2,539
Less dividends paid:
Common stock			606				410
Participating securities			2				1
Undistributed earnings			$	3,084			$	2,128
Weighted-average common shares outstanding	2		503		2		529
Earnings per common share from continuing operations:
Distributed earnings	$	1.20	$	1.20	$	0.77	$	0.77
Undistributed earnings	6.11		6.11		4.01		4.01
Total earnings per common share from continuing operations	$	7.31	$	7.31	$	4.78	$	4.78
Earnings per common share from continuing operations – assuming dilution:
Net income attributable to Valero stockholders from continuing operations			$	3,692			$	2,539
Weighted-average common shares outstanding			503				529
Common equivalent shares:
Stock options			2				3
Performance awards and nonvested restricted stock			1				1
Weighted-average common shares outstanding – assuming dilution			506				533
Earnings per common share from continuing operations – assuming dilution			$	7.30			$	4.76