EARNINGS PER SHARE CALCULATIONS

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

EARNINGS PER SHARE CALCULATIONS

EARNINGS PER SHARE CALCULATIONS

The following tables provide the earnings per share calculations for the three-month periods ended March 31, 2015 and 2014:

Net Income for Earnings Per Share Calculations - Basic	Three Months Ended
In millions	Mar 31, 2015			Mar 31, 2014
Net income attributable to The Dow Chemical Company	$	1,478		$	1,049
Preferred stock dividends	(85		)	(85		)
Net income attributable to participating securities (1)	(10		)	(8		)
Net income attributable to common stockholders	$	1,383		$	956

Earnings Per Share Calculations - Basic	Three Months Ended
Dollars per share	Mar 31, 2015			Mar 31, 2014
Net income attributable to The Dow Chemical Company	$	1.30		$	0.88
Preferred stock dividends	(0.07		)	(0.07		)
Net income attributable to participating securities (1)	(0.01		)	(0.01		)
Net income attributable to common stockholders	$	1.22		$	0.80

Net Income for Earnings Per Share Calculations - Diluted	Three Months Ended
In millions	Mar 31, 2015			Mar 31, 2014
Net income attributable to The Dow Chemical Company	$	1,478		$	1,049
Preferred stock dividends (2)	—			(85		)
Net income attributable to participating securities (1)	(10		)	(8		)
Net income attributable to common stockholders	$	1,468		$	956

Earnings Per Share Calculations - Diluted	Three Months Ended
Dollars per share	Mar 31, 2015			Mar 31, 2014
Net income attributable to The Dow Chemical Company	$	1.19		$	0.87
Preferred stock dividends (2)	—			(0.07		)
Net income attributable to participating securities (1)	(0.01		)	(0.01		)
Net income attributable to common stockholders	$	1.18		$	0.79

Share Count Information	Three Months Ended
Shares in millions	Mar 31, 2015	Mar 31, 2014
Weighted-average common shares - basic	1,135.7	1,190.6
Plus dilutive effect of stock options and awards	14.2	17.1
Plus dilutive effect of assumed conversion of preferred stock (3)	96.8	—
Weighted-average common shares - diluted	1,246.7	1,207.7
Stock options and deferred stock awards excluded from EPS calculations (4)	6.4	5.7

(1) Deferred stock awards are considered participating securities due to Dow's practice of paying dividend equivalents

on unvested shares.

(2) Preferred stock dividends were not added back in the calculation of diluted earnings per share for the three-month period

ended March 31, 2014, because the effect of adding them back would have been antidilutive.

(3) Conversion of the Company's Cumulative Convertible Perpetual Preferred Stock, Series A into shares of the Company's

common stock was excluded from the calculation of diluted earnings per share for the three-month period ended

March 31, 2014, because the effect of including them would have been antidilutive.

(4) These outstanding options to purchase shares of common stock and deferred stock awards were excluded from the

calculation of diluted earnings per share because the effect of including them would have been antidilutive.