
9.	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,
	2017				2016
	Participating Securities		Common Stock		Participating Securities		Common Stock
Earnings per common share:
Net income attributable to Valero stockholders			$	841			$	613
Less dividends paid:
Common stock			308				275
Participating securities			1				1
Undistributed earnings			$	532			$	337
Weighted-average common shares outstanding	2		439		1		458
Earnings per common share:
Distributed earnings	$	0.70	$	0.70	$	0.60	$	0.60
Undistributed earnings	1.21		1.21		0.73		0.73
Total earnings per common share	$	1.91	$	1.91	$	1.33	$	1.33

Earnings per common share – assuming dilution:
Net income attributable to Valero stockholders			$	841			$	613
Weighted-average common shares outstanding			439				458
Common equivalent shares			2				2
Weighted-average common shares outstanding – assuming dilution			441				460
Earnings per common share – assuming dilution			$	1.91			$	1.33



	Nine Months Ended September 30,
	2017				2016
	Participating Securities		Common Stock		Participating Securities		Common Stock
Earnings per common share:
Net income attributable to Valero stockholders			$	1,694			$	1,922
Less dividends paid:
Common stock			933				837
Participating securities			3				3
Undistributed earnings			$	758			$	1,082
Weighted-average common shares outstanding	2		444		1		465
Earnings per common share:
Distributed earnings	$	2.10	$	2.10	$	1.80	$	1.80
Undistributed earnings	1.70		1.70		2.32		2.32
Total earnings per common share	$	3.80	$	3.80	$	4.12	$	4.12

Earnings per common share – assuming dilution:
Net income attributable to Valero stockholders			$	1,694			$	1,922
Weighted-average common shares outstanding			444				465
Common equivalent shares			2				2
Weighted-average common shares outstanding – assuming dilution			446				467
Earnings per common share – assuming dilution			$	3.80			$	4.12

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