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



	Three Months Ended June 30,
	2017				2016
	Participating Securities		Common Stock		Participating Securities		Common Stock
Earnings per common share:
Net income attributable to Valero stockholders			$	548			$	814
Less dividends paid:
Common stock			311				281
Participating securities			1				1
Undistributed earnings			$	236			$	532
Weighted-average common shares outstanding	2		444		1		467
Earnings per common share:
Distributed earnings	$	0.70	$	0.70	$	0.60	$	0.60
Undistributed earnings	0.53		0.53		1.14		1.14
Total earnings per common share	$	1.23	$	1.23	$	1.74	$	1.74

Earnings per common share – assuming dilution:
Net income attributable to Valero stockholders			$	548			$	814
Weighted-average common shares outstanding			444				467
Common equivalent shares			2				3
Weighted-average common shares outstanding – assuming dilution			446				470
Earnings per common share – assuming dilution			$	1.23			$	1.73



	Six Months Ended June 30,
	2017				2016
	Participating Securities		Common Stock		Participating Securities		Common Stock
Earnings per common share:
Net income attributable to Valero stockholders			$	853			$	1,309
Less dividends paid:
Common stock			625				562
Participating securities			2				2
Undistributed earnings			$	226			$	745
Weighted-average common shares outstanding	2		446		1		468
Earnings per common share:
Distributed earnings	$	1.40	$	1.40	$	1.20	$	1.20
Undistributed earnings	0.50		0.50		1.59		1.59
Total earnings per common share	$	1.90	$	1.90	$	2.79	$	2.79

Earnings per common share – assuming dilution:
Net income attributable to Valero stockholders			$	853			$	1,309
Weighted-average common shares outstanding			446				468
Common equivalent shares			2				3
Weighted-average common shares outstanding – assuming dilution			448				471
Earnings per common share – assuming dilution			$	1.90			$	2.78