Earnings Per Share, Share Repurchases and Dividends on Common Stock (Unaudited)

3 Months Ended

Mar. 31, 2015

Equity [Abstract]

EARNINGS PER SHARE, SHARE REPURCHASES AND DIVIDENDS ON COMMON STOCK

EARNINGS PER SHARE, SHARE REPURCHASES AND DIVIDENDS ON COMMON STOCK

Basic Earnings Per Share

We calculate basic earnings per share by dividing net earnings by the weighted-average number of shares of common stock outstanding during each period.

Diluted Earnings Per Share

Diluted earnings per share includes the dilutive effect of awards granted to employees under stock-based compensation plans. The dilutive effect of these securities totaled 2.8 million shares and 4.1 million shares for the three months ended March 31, 2015 and 2014, respectively. The weighted-average diluted shares outstanding would exclude stock options with exercise prices in excess of the average market price of the company's common stock during the period; however, we had no such stock options outstanding for the three months ended March 31, 2015 and 2014.

Share Repurchases

The table below summarizes the company’s share repurchases:

							Shares Repurchased (in millions)
Repurchase Program Authorization Date	Amount Authorized (in millions)		Total Shares Retired (in millions)	Average  Price Per Share(3)		Date Completed	Three Months Ended March 31
							2015	2014
May 15, 2013 (1)	$	4,000	32.8	$	121.97	March 2015	2.7	4.8
December 4, 2014(2)	$	3,000	2.6	$	161.18		2.6	—

(1) On May 15, 2013, the company's board of directors authorized a share repurchase program of up to$4.0 billion of the company's common stock ("2013 Repurchase Program"). Repurchases under the 2013 Repurchase Program commenced in September 2013.

(2) On December 4, 2014, the company's board of directors authorized a new share repurchase program of up to an additional$3.0 billionof the company's common stock ("2014 Repurchase Program"). Repurchases under the 2014 Repurchase Program commenced in March 2015 upon the completion of the company's 2013 Repurchase Program. As of March 31, 2015, repurchases under the 2014 Repurchase Program totaled$0.4 billion; $2.6 billionremained under this share repurchase authorization.By its terms, the 2014 Repurchase Program will expire when we have used all authorized funds for repurchases.

(3) Includes commissions paid.

Share repurchases take place from time to time, subject to market conditions and management's discretion, in the open market or in privately negotiated transactions. The company retires its common stock upon repurchase and has not made any purchases of common stock other than in connection with these publicly announced repurchase programs.

Dividends on Common Stock

In May 2014, the company increased the quarterly common stock dividend 15 percent to $0.70 per share from the previous amount of $0.61 per share.