Earnings Per Share

12 Months Ended

Dec. 31, 2013

Earnings Per Share

14. Earnings Per Share

Basic and diluted earnings per share (“EPS”) were calculated using the following:

	Year Ended December 31,
	2013			2012			2011
	(In millions)
Numerator:
Net income, as reported	$	1,180		$	1,099		$	1,116
Less: Net income attributable to participating securities		(3	)		(3	)		(3	)
Net income available to common shareholders	$	1,177		$	1,096		$	1,113
Denominator:
Basic EPS – weighted average shares		372.96			389.27			417.32
Effect of dilutive securities:
Stock Options and SARS		0.75			0.86			0.74
Diluted EPS – adjusted weighted average shares and assumed conversions		373.71			390.13			418.06
Earnings Per Share:
Basic	$	3.15		$	2.82		$	2.67
Diluted	$	3.15		$	2.81		$	2.66

Options to purchase 0.1 million shares of common stock were excluded from the diluted earnings per share calculation because their effect would be anti-dilutive for the year ended December 31, 2011.