Earnings Per Common Share

6 Months Ended

Jun. 30, 2016

Earnings Per Share [Abstract]

EARNINGS PER COMMON SHARE

8. EARNINGS PER COMMON SHARE

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

	Three Months Ended June 30,
	2016				2015
	Participating Securities		Common Stock		Participating Securities		Common Stock
Earnings per common share:
Net income attributable to Valero stockholders			$	814			$	1,351
Less dividends paid:
Common stock			281				203
Participating securities			1				—
Undistributed earnings			$	532			$	1,148
Weighted-average common shares outstanding	1		467		2		505
Earnings per common share:
Distributed earnings	$	0.60	$	0.60	$	0.40	$	0.40
Undistributed earnings	1.14		1.14		2.27		2.27
Total earnings per common share	$	1.74	$	1.74	$	2.67	$	2.67
Earnings per common share – assuming dilution:
Net income attributable to Valero stockholders			$	814			$	1,351
Weighted-average common shares outstanding			467				505
Common equivalent shares:
Stock options			2				2
Performance awards and nonvested restricted stock			1				1
Weighted-average common shares outstanding – assuming dilution			470				508
Earnings per common share – assuming dilution			$	1.73			$	2.66

	Six Months Ended June 30,
	2016				2015
	Participating Securities		Common Stock		Participating Securities		Common Stock
Earnings per common share:
Net income attributable to Valero stockholders			$	1,309			$	2,315
Less dividends paid:
Common stock			562				408
Participating securities			2				1
Undistributed earnings			$	745			$	1,906
Weighted-average common shares outstanding	1		468		2		509
Earnings per common share:
Distributed earnings	$	1.20	$	1.20	$	0.80	$	0.80
Undistributed earnings	1.59		1.59		3.73		3.73
Total earnings per common share	$	2.79	$	2.79	$	4.53	$	4.53
Earnings per common share – assuming dilution:
Net income attributable to Valero stockholders			$	1,309			$	2,315
Weighted-average common shares outstanding			468				509
Common equivalent shares:
Stock options			2				2
Performance awards and nonvested restricted stock			1				1
Weighted-average common shares outstanding – assuming dilution			471				512
Earnings per common share – assuming dilution			$	2.78			$	4.52

Participating securities include restricted stock and performance awards granted under our 2011 Omnibus Stock Incentive Plan.