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Weighted Average Common Shares
 6 Months Ended
Jun. 30, 2015
Earnings Per Share [Abstract]  
Weighted Average Common Shares

10. 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

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2015

 

 

2014

 

 

2015

 

 

2014

 

 

 

(In millions, except per share amounts)

 

Net income (loss) from continuing operations attributable to Hess Corporation

 

$

(553

)

 

$

974

 

 

$

(929

)

 

$

1,338

 

Income (loss) from discontinued operations, net of income taxes

 

 

(14

)

 

 

(44

)

 

 

(27

)

 

 

13

 

Less: Net income (loss) attributable to noncontrolling interests

 

 

—

 

 

 

(1

)

 

 

—

 

 

 

34

 

Net income (loss) from discontinued operations attributable to Hess Corporation

 

 

(14

)

 

 

(43

)

 

 

(27

)

 

 

(21

)

Net income (loss) attributable to Hess Corporation

 

$

(567

)

 

$

931

 

 

$

(956

)

 

$

1,317

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

284.3

 

 

 

309.7

 

 

 

283.9

 

 

 

314.2

 

Effect of dilutive securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted common stock

 

 

—

 

 

 

1.4

 

 

 

—

 

 

 

1.5

 

Stock options

 

 

—

 

 

 

1.7

 

 

 

—

 

 

 

1.7

 

Performance share units

 

 

—

 

 

 

1.3

 

 

 

—

 

 

 

1.3

 

Diluted

 

 

284.3

 

 

 

314.1

 

 

 

283.9

 

 

 

318.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to Hess Corporation per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

(1.94

)

 

$

3.15

 

 

$

(3.27

)

 

$

4.26

 

Discontinued operations

 

 

(0.05

)

 

 

(0.14

)

 

 

(0.10

)

 

 

(0.07

)

Net income (loss) per share

 

$

(1.99

)

 

$

3.01

 

 

$

(3.37

)

 

$

4.19

 

Diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

(1.94

)

 

$

3.10

 

 

$

(3.27

)

 

$

4.20

 

Discontinued operations

 

 

(0.05

)

 

 

(0.14

)

 

 

(0.10

)

 

 

(0.07

)

Net income (loss) per share

 

$

(1.99

)

 

$

2.96

 

 

$

(3.37

)

 

$

4.13

 

The Corporation granted 1,122,724 shares of restricted stock, 362,873 performance share units (PSUs) and 521,773 stock options during the six months ended June 30, 2015 and 1,028,883 shares of restricted stock, 298,222 PSUs and 162,911 stock options for the same period in 2014.  The Corporation excluded 7,012,818 stock options, 3,027,138 restricted stock awards and 912,383 performance stock units from the computation of diluted shares for the three months ended June 30, 2015, and excluded 6,901,674 stock options, 2,952,012 restricted stock awards and 1,025,826 performance share units from the computation of diluted shares for the six months period ended June 30, 2015 as they are anti-dilutive.  The weighted average common shares used in the diluted earnings per share calculations for the three and six months ended June 30, 2014 excluded stock options amounting to 1,978,777 and 2,577,984, respectively, as they were anti-dilutive.

The Corporation is permitted but not required to repurchase up to $6.5 billion of outstanding common shares under a Board authorized plan.  During the second quarter of 2015, the Corporation purchased $20 million of common stock.  As of June 30, 2015, total shares repurchased under the plan were 63.2 million shares at a cost of approximately $5.3 billion.