Earnings Per Common Share

9 Months Ended

Sep. 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 September 30,
	2016				2015
	Participating Securities		Common Stock		Participating Securities		Common Stock
Earnings per common share:
Net income attributable to Valero stockholders			$	613			$	1,377
Less dividends paid:
Common stock			275				198
Participating securities			1				1
Undistributed earnings			$	337			$	1,178
Weighted-average common shares outstanding	1		458		2		491
Earnings per common share:
Distributed earnings	$	0.60	$	0.60	$	0.40	$	0.40
Undistributed earnings	0.73		0.73		2.39		2.39
Total earnings per common share	$	1.33	$	1.33	$	2.79	$	2.79
Earnings per common share – assuming dilution:
Net income attributable to Valero stockholders			$	613			$	1,377
Weighted-average common shares outstanding			458				491
Common equivalent shares:
Stock options			1				1
Performance awards and nonvested restricted stock			1				2
Weighted-average common shares outstanding – assuming dilution			460				494
Earnings per common share – assuming dilution			$	1.33			$	2.79

	Nine Months Ended September 30,
	2016				2015
	Participating Securities		Common Stock		Participating Securities		Common Stock
Earnings per common share:
Net income attributable to Valero stockholders			$	1,922			$	3,692
Less dividends paid:
Common stock			837				606
Participating securities			3				2
Undistributed earnings			$	1,082			$	3,084
Weighted-average common shares outstanding	1		465		2		503
Earnings per common share:
Distributed earnings	$	1.80	$	1.80	$	1.20	$	1.20
Undistributed earnings	2.32		2.32		6.11		6.11
Total earnings per common share	$	4.12	$	4.12	$	7.31	$	7.31
Earnings per common share – assuming dilution:
Net income attributable to Valero stockholders			$	1,922			$	3,692
Weighted-average common shares outstanding			465				503
Common equivalent shares:
Stock options			1				2
Performance awards and nonvested restricted stock			1				1
Weighted-average common shares outstanding – assuming dilution			467				506
Earnings per common share – assuming dilution			$	4.12			$	7.30

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