Earnings Per Common Share

12 Months Ended

Dec. 31, 2018

Earnings Per Share [Abstract]

EARNINGS PER COMMON SHARE

16. EARNINGS PER COMMON SHARE

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

	Year Ended December 31,
	2018		2017		2016
Earnings per common share:
Net income attributable to Valero stockholders	$	3,122	$	4,065	$	2,289
Less income allocated to participating securities	9		14		7
Net income available to common shareholders	$	3,113	$	4,051	$	2,282
Weighted-average common shares outstanding	426		442		461
Earnings per common share	$	7.30	$	9.17	$	4.94
Earnings per common share – assuming dilution:
Net income attributable to Valero stockholders	$	3,122	$	4,065	$	2,289
Weighted-average common shares outstanding	426		442		461
Effect of dilutive securities	2		2		3
Weighted-average common shares outstanding – assuming dilution	428		444		464
Earnings per common share – assuming dilution	$	7.29	$	9.16	$	4.94

Participating securities include restricted stock and performance awards granted under our 2011 Omnibus Stock Incentive Plan. Dilutive securities include participating securities as well as outstanding stock options granted under our 2011 Omnibus Stock Incentive Plan.