Earnings Per Common Share

12 Months Ended

Dec. 31, 2015

Earnings Per Share [Abstract]

EARNINGS PER COMMON SHARE

16. EARNINGS PER COMMON SHARE

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

	Year Ended December 31,
	2015				2014				2013
	Participating Securities		Common Stock		Participating Securities		Common Stock		Participating Securities		Common Stock
Earnings per common share from continuing operations:
Net income attributable to Valero stockholders from continuing operations			$	3,990			$	3,694			$	2,714
Less dividends paid:
Common stock			845				552				460
Participating securities			3				2				2
Undistributed earnings			$	3,142			$	3,140			$	2,252
Weighted-average common shares outstanding	2		497		2		526		3		542
Earnings per common share from continuing operations:
Distributed earnings	$	1.70	$	1.70	$	1.05	$	1.05	$	0.85	$	0.85
Undistributed earnings	6.30		6.30		5.95		5.95		4.13		4.13
Total earnings per common share from continuing operations	$	8.00	$	8.00	$	7.00	$	7.00	$	4.98	$	4.98
Earnings per common share from continuing operations – assuming dilution:
Net income attributable to Valero stockholders from continuing operations			$	3,990			$	3,694			$	2,714
Weighted-average common shares outstanding			497				526				542
Common equivalent shares:
Stock options			2				2				4
Performance awards and nonvested restricted stock			1				2				2
Weighted-average common shares outstanding – assuming dilution			500				530				548
Earnings per common share from continuing operations – assuming dilution			$	7.99			$	6.97			$	4.96