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Profit Per Share
 3 Months Ended
Mar. 31, 2014
Earnings Per Share [Abstract]  
Profit Per Share
Profit Per Share
 
Computations of profit per share:
Three Months Ended
March 31,
(Dollars in millions except per share data)
2014
 
2013
Profit for the period (A) 1:
$
922

 
$
880

Determination of shares (in millions):
 
 
 
Weighted-average number of common shares outstanding (B)
626.7

 
656.2

Shares issuable on exercise of stock awards, net of shares assumed to be purchased out of proceeds at average market price
12.6

 
15.4

Average common shares outstanding for fully diluted computation (C) 2
639.3

 
671.6

Profit per share of common stock:
 
 
 
Assuming no dilution (A/B)
$
1.47

 
$
1.34

Assuming full dilution (A/C) 2
$
1.44

 
$
1.31

Shares outstanding as of March 31 (in millions)
624.2

 
657.5



1 
Profit attributable to common stockholders.
2 
Diluted by assumed exercise of stock-based compensation awards using the treasury stock method.
 
 
 
 
 


SARs and stock options to purchase 10,415,733 and 10,312,876 common shares were outstanding for the three months ended March 31, 2014 and 2013, respectively, which were not included in the computation of diluted earnings per share because the effect would have been anti-dilutive.

In February 2007, the Board of Directors authorized the repurchase of $7.5 billion of Caterpillar common stock (the 2007 Authorization), and in December 2011, the 2007 Authorization was extended through December 2015. In January 2014, we completed the 2007 Authorization and entered into a definitive agreement with Citibank, N.A. to purchase shares of our common stock under an accelerated stock repurchase transaction (January ASR Agreement), which was completed in March 2014. In accordance with the terms of the January ASR Agreement, a total of approximately 18.1 million shares of our common stock were repurchased at an aggregate cost to Caterpillar of approximately $1.7 billion.

In January 2014, the Board approved a new authorization to repurchase up to $10 billion of Caterpillar common stock, which will expire on December 31, 2018.