Earnings Per Share

9 Months Ended

Sep. 30, 2011

Earnings Per Share [Abstract]

Earnings Per Share

6. Earnings Per Share

     Basic and diluted earnings per common share were as follows for the quarters and nine months ended September 30:

Quarters Ended September 30,

	2011						2010
	Basic			Diluted			Basic			Diluted
	(In millions, except per share amounts)
Net income (loss) attributable to El Paso Corporation	$	(368	)	$	(368	)	$	142		$	142
Preferred stock dividends of El Paso Corporation		—			—			(9	)		—
Net income (loss) attributable to El Paso Corporation’s common stockholders	$	(368	)	$	(368	)	$	133		$	142
Weighted average common shares outstanding		764			764			699			699
Effect of dilutive securities:
Options and restricted stock		—			—			—			5
Convertible preferred stock		—			—			—			58
Weighted average common shares outstanding and dilutive securities		764			764			699			762
Basic and diluted earnings (loss) per common share:
Net income (loss) attributable to El Paso Corporation’s common stockholders	$	(0.48	)	$	(0.48	)	$	0.19		$	0.19

Nine Months Ended September 30,

	2011						2010
	Basic			Diluted			Basic			Diluted
	(In millions, except per share amounts)
Net income (loss) attributable to El Paso Corporation	$	(44	)	$	(44	)	$	687		$	687
Preferred stock dividends of El Paso Corporation		—			—			(28	)		—
Net income (loss) attributable to El Paso Corporation’s common stockholders	$	(44	)	$	(44	)	$	659		$	687
Weighted average common shares outstanding		747			747			698			698
Effect of dilutive securities:
Options and restricted stock		—			—			—			5
Convertible preferred stock		—			—			—			58
Weighted average common shares outstanding and dilutive securities		747			747			698			761
Basic and diluted earnings (loss) per common share:
Net income (loss) attributable to El Paso Corporation’s common stockholders	$	(0.06	)	$	(0.06	)	$	0.95		$	0.90

     We exclude potentially dilutive securities from the determination of diluted earnings per share (as well as their related income statement impacts) when their impact on net income attributable to El Paso Corporation per common share is antidilutive. Our potentially dilutive securities consist of employee stock options, restricted stock, trust preferred securities and convertible preferred stock. In March 2011, we converted our preferred stock to common stock as further described in Note 12. For the quarters and nine months ended September 30, 2011, we incurred losses attributable to El Paso Corporation and, accordingly, excluded all potentially dilutive securities from the determination of diluted earnings per share. For the quarter and nine months ended September 30, 2010, certain of our employee stock options and our trust preferred securities were antidilutive.