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Outstanding and Weighted Average Common Shares
 12 Months Ended
Dec. 31, 2015
Earnings Per Share [Abstract]  
Outstanding and Weighted Average Common Shares

15.  Outstanding and Weighted Average Common Shares

The following table provides the changes in our outstanding common shares:

 

 

2015

 

 

2014

 

 

2013

 

 

 

(In millions)

 

Balance at January 1

 

 

285.8

 

 

 

325.3

 

 

 

341.5

 

Activity related to restricted common stock awards, net

 

 

0.8

 

 

 

0.6

 

 

 

0.8

 

Stock options exercised

 

 

0.2

 

 

 

3.3

 

 

 

2.3

 

PSU vested

 

 

0.6

 

 

 

—

 

 

 

—

 

Shares repurchased (a)

 

 

(1.4

)

 

 

(43.4

)

 

 

(19.3

)

Balance at December 31

 

 

286.0

 

 

 

285.8

 

 

 

325.3

 

(a)

See Note 17, Share Repurchase Plan.

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

 

 

2015

 

 

2014

 

 

2013

 

 

 

(In millions)

 

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

 

$

(2,959

)

 

$

1,692

 

 

$

4,036

 

Less: Net income (loss) attributable to noncontrolling interests

 

 

49

 

 

 

—

 

 

 

176

 

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

 

 

(3,008

)

 

 

1,692

 

 

 

3,860

 

Income from discontinued operations, net of income taxes

 

 

(48

)

 

 

682

 

 

 

1,186

 

Less: Net income (loss) attributable to noncontrolling interests

 

 

—

 

 

 

57

 

 

 

(6

)

Net income from discontinued operations attributable Hess Corporation

 

 

(48

)

 

 

625

 

 

 

1,192

 

Net income (loss) attributable to Hess Corporation

 

$

(3,056

)

 

$

2,317

 

 

$

5,052

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

283.6

 

 

 

303.7

 

 

 

336.6

 

Effect of dilutive securities

 

 

 

 

 

 

 

 

 

 

 

 

Restricted common stock

 

 

—

 

 

 

1.5

 

 

 

1.4

 

Stock options

 

 

—

 

 

 

1.8

 

 

 

1.7

 

Performance share units

 

 

—

 

 

 

0.7

 

 

 

1.2

 

Diluted

 

 

283.6

 

 

 

307.7

 

 

 

340.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Basic:

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

(10.61

)

 

$

5.57

 

 

$

11.47

 

Discontinued operations

 

 

(0.17

)

 

 

2.06

 

 

 

3.54

 

Net income (loss) per share

 

$

(10.78

)

 

$

7.63

 

 

$

15.01

 

Diluted:

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

(10.61

)

 

$

5.50

 

 

$

11.33

 

Discontinued operations

 

 

(0.17

)

 

 

2.03

 

 

 

3.49

 

Net income (loss) per share

 

$

(10.78

)

 

$

7.53

 

 

$

14.82

 

The weighted average common shares used in the diluted earnings per share calculations excluded the effect of approximately 6.9 million stock options, 2.9 million restricted stock awards and 1.0 million PSUs from calculating diluted shares as those are anti-dilutive.  We excluded 1.4 million of stock options in 2014 (2013: 4.4 million) from calculating weighted average shares used in the diluted earnings per share, because their effect would be anti-dilutive.

In 2015 and 2014, cash dividends declared 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).