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



	Three Months Ended September 30,
	2018				2017
	Participating Securities		Common Stock		Participating Securities		Common Stock
Earnings per common share:
Net income attributable to Valero stockholders			$	856			$	841
Less dividends paid:
Common stock			340				308
Participating securities			1				1
Undistributed earnings			$	515			$	532
Weighted-average common shares outstanding	1		425		2		439
Earnings per common share:
Distributed earnings	$	0.80	$	0.80	$	0.70	$	0.70
Undistributed earnings	1.21		1.21		1.21		1.21
Total earnings per common share	$	2.01	$	2.01	$	1.91	$	1.91

Earnings per common share – assuming dilution:
Net income attributable to Valero stockholders			$	856			$	841
Weighted-average common shares outstanding			425				439
Common equivalent shares			2				2
Weighted-average common shares outstanding – assuming dilution			427				441
Earnings per common share – assuming dilution			$	2.01			$	1.91



	Nine Months Ended September 30,
	2018				2017
	Participating Securities		Common Stock		Participating Securities		Common Stock
Earnings per common share:
Net income attributable to Valero stockholders			$	2,170			$	1,694
Less dividends paid:
Common stock			1,028				933
Participating securities			3				3
Undistributed earnings			$	1,139			$	758
Weighted-average common shares outstanding	1		428		2		444
Earnings per common share:
Distributed earnings	$	2.40	$	2.40	$	2.10	$	2.10
Undistributed earnings	2.65		2.65		1.70		1.70
Total earnings per common share	$	5.05	$	5.05	$	3.80	$	3.80

Earnings per common share – assuming dilution:
Net income attributable to Valero stockholders			$	2,170			$	1,694
Weighted-average common shares outstanding			428				444
Common equivalent shares			2				2
Weighted-average common shares outstanding – assuming dilution			430				446
Earnings per common share – assuming dilution			$	5.05			$	3.80