Earnings Per Share

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

The table below illustrates the reconciliation of the earnings and number of shares used in our calculations of basic and diluted earnings per share:

	Three Months Ended
(in millions, except per share amounts)	March 31, 2015		March 31, 2014
Computation of Basic Earnings Per Share
Net income	$	207	$	172
Weighted average shares outstanding	277.7		296.1
Basic earnings per share	$	0.75	$	0.58
Computation of Diluted Earnings Per Share
Net income	$	207	$	172
Weighted average shares outstanding	277.7		296.1
Effect of dilutive securities
Employee stock option and appreciation right plans	2.4		3.4
Deferred stock incentive plans	0.7		0.8
Restricted stock units	2.7		3.0
Shares for diluted earnings per share	283.5		303.3
Diluted earnings per share	$	0.73	$	0.57

We compute the effect of dilutive securities using the treasury stock method and average market prices during the period. We excluded the following antidilutive stock options and stock appreciation rights from our calculation of diluted earnings per share because their exercise prices were greater than the average market prices for the applicable periods:

(a)for the 2015 first quarter, 0.2 million stock options and stock appreciation rights; and

(b)for the 2014 first quarter, 0.2 million stock options and stock appreciation rights.