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



	Three Months Ended June 30,
	2018				2017
	Participating Securities		Common Stock		Participating Securities		Common Stock
Earnings per common share:
Net income attributable to Valero stockholders			$	845			$	548
Less dividends paid:
Common stock			344				311
Participating securities			1				1
Undistributed earnings			$	500			$	236
Weighted-average common shares outstanding	1		429		2		444
Earnings per common share:
Distributed earnings	$	0.80	$	0.80	$	0.70	$	0.70
Undistributed earnings	1.16		1.16		0.53		0.53
Total earnings per common share	$	1.96	$	1.96	$	1.23	$	1.23

Earnings per common share – assuming dilution:
Net income attributable to Valero stockholders			$	845			$	548
Weighted-average common shares outstanding			429				444
Common equivalent shares			2				2
Weighted-average common shares outstanding – assuming dilution			431				446
Earnings per common share – assuming dilution			$	1.96			$	1.23



	Six Months Ended June 30,
	2018				2017
	Participating Securities		Common Stock		Participating Securities		Common Stock
Earnings per common share:
Net income attributable to Valero stockholders			$	1,314			$	853
Less dividends paid:
Common stock			688				625
Participating securities			2				2
Undistributed earnings			$	624			$	226
Weighted-average common shares outstanding	1		430		2		446
Earnings per common share:
Distributed earnings	$	1.60	$	1.60	$	1.40	$	1.40
Undistributed earnings	1.45		1.45		0.50		0.50
Total earnings per common share	$	3.05	$	3.05	$	1.90	$	1.90

Earnings per common share – assuming dilution:
Net income attributable to Valero stockholders			$	1,314			$	853
Weighted-average common shares outstanding			430				446
Common equivalent shares			2				2
Weighted-average common shares outstanding – assuming dilution			432				448
Earnings per common share – assuming dilution			$	3.04			$	1.90