Outstanding and Weighted Average Common Shares

12 Months Ended

Dec. 31, 2014

Equity [Abstract]

Outstanding and Weighted Average Common Shares

15. Outstanding and Weighted Average Common Shares

The following table provides the changes in the Corporation’s outstanding common shares:

	2014			2013			2012
	(In millions)
Balance at January 1		325.3			341.5			340.0
Activity related to restricted common stock awards, net		0.6			0.8			1.3
Stock options exercised		3.3			2.3			0.2
Shares repurchased*		(43.4	)		(19.3	)		—
Balance at December 31		285.8			325.3			341.5

*  See Note 16, Share Repurchase Plan in the Notes to the Consolidated Financial Statements.

The following table presents the calculation of basic and diluted earnings per share:

	2014		2013			2012
	(In millions)
Income from continuing operations, net of income taxes	$	1,692	$	4,036		$	1,808
Less: Net income attributable to noncontrolling interests		—		176			18
Net income from continuing operations attributable to Hess Corporation		1,692		3,860			1,790
Income from discontinued operations, net of income taxes		682		1,186			255
Less: Net income (loss) attributable to noncontrolling interests		57		(6	)		20
Net income from discontinued operations attributable Hess Corporation		625		1,192			235
Net income attributable to Hess Corporation	$	2,317	$	5,052		$	2,025
Weighted average common shares outstanding:
Basic		303.7		336.6			338.4
Effect of dilutive securities
Restricted common stock		1.5		1.4			1.1
Stock options		1.8		1.7			0.8
Performance share units		0.7		1.2			—
Diluted		307.7		340.9			340.3
Net income attributable to Hess Corporation per share:
Basic:
Continuing operations	$	5.57	$	11.47		$	5.29
Discontinued operations		2.06		3.54			0.69
Net income per share	$	7.63	$	15.01		$	5.98
Diluted:
Continuing operations	$	5.50	$	11.33		$	5.26
Discontinued operations		2.03		3.49			0.69
Net income per share	$	7.53	$	14.82		$	5.95

The weighted average common shares used in the diluted earnings per share calculations exclude the effect of approximately 1.4 million, 4.4 million and 9.2 million out‑of‑the‑money stock options for 2014, 2013 and 2012, respectively. Based on the Corporation’s TSR, the diluted earnings per share calculations also exclude the effects of 414,175 PSUs for 2012.

In 2014, cash dividends on common stock totaled $1.00 per share ($0.25 per quarter).  In 2013, cash dividends declared on common stock totaled $0.70 per share ($0.10 per share for the first two quarters and $0.25 per share commencing in the third quarter of 2013).  Cash dividends were $0.40 per share ($0.10 per quarter) in 2012.