Weighted Average Common Shares

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Weighted Average Common Shares

8. Weighted Average Common Shares

The net income (loss) and weighted average number of common shares used in the basic and diluted earnings per share computations were as follows:

	Three Months Ended
	March 31,
	2015			2014
	(In millions,
	except per share amounts)
Net income (loss) from continuing operations attributable to Hess Corporation	$	(376	)	$	364
Income (loss) from discontinued operations, net of income taxes		(13	)		57
Less: Net income (loss) attributable to noncontrolling interests		—			35
Net income (loss) from discontinued operations attributable to Hess Corporation		(13	)		22
Net income (loss) attributable to Hess Corporation	$	(389	)	$	386
Weighted average common shares outstanding:
Basic		283.5			318.1
Effect of dilutive securities
Restricted common stock		—			1.5
Stock options		—			1.8
Performance share units		—			1.2
Diluted		283.5			322.6
Net income (loss) attributable to Hess Corporation per share:
Basic:
Continuing operations	$	(1.32	)	$	1.14
Discontinued operations		(0.05	)		0.07
Net income (loss) per share	$	(1.37	)	$	1.21
Diluted:
Continuing operations	$	(1.32	)	$	1.13
Discontinued operations		(0.05	)		0.07
Net income (loss) per share	$	(1.37	)	$	1.20

The Corporation granted 1,118,043 shares of restricted stock, 362,873 performance share units (PSUs) and 521,773 stock options in the first quarter of 2015 and 1,016,801 shares of restricted stock, 292,662 PSUs and 162,911 stock options for the same period in 2014.  For the three months ended March 31, 2015, the Corporation excluded 6,790,531 stock options, 2,876,887 restricted stock awards and 1,139,268 performance stock units from calculating diluted shares as those are anti-dilutive when using if converted method.  The weighted average common shares used in the diluted earnings per share calculations for the three months ended March 31, 2014 exclude the effect of 3,371,122 stock options and 292,662 performance stock units, because their effect would be anti-dilutive.

The Corporation is permitted to repurchase up to $6.5 billion of outstanding common shares under a board authorized plan.  As of March 31, 2015, the inception-to-date shares repurchased under the plan was 62.9 million shares at a cost of approximately $5.3 billion.