Earning Per Common Share

6 Months Ended

Jun. 30, 2011

Reconciliations of the numerators and denominators used in the computations of basic and diluted earnings per common share were as follows, in millions:


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
Numerator (basic and diluted):
Net income (loss)	$	8		$	3		$	(38	)	$	(4	)
Allocation to unvested restricted stock awards		(1	)		(1	)		(2	)		(1	)

Net income (loss) attributable to common shareholders		7			2			(40	)		(5	)

Net income (loss) available to common shareholders	$	7		$	2		$	(40	)	$	(5	)

Denominator:
Basic common shares (based upon weighted average)		348			348			348			349
Add:
Contingent common shares		—			—			—			—
Stock option dilution		1			1			—			—

Diluted common shares		349			349			348			349

		For the three months and six months ended June 30, 2011 and 2010, the Company allocated dividends to the unvested restricted stock awards (participating securities).

		At June 30, 2011 and 2010, the Company did not include any common shares related to the Zero Coupon Convertible Senior Notes (“Notes”) in the calculation of diluted earnings per common share, as the price of the Company’s common stock at June 30, 2011 and 2010 did not exceed the equivalent accreted value of the Notes.

		Additionally, 36 million common shares and 37 million common shares, respectively, for the three months and six months ended June 30, 2011 and 37 million common shares and 38 million common shares, respectively, for the three months and six months ended June 30, 2010 related to stock options were excluded from the computation of diluted earnings per common share due to their antidilutive effect.

		In the first six months of 2011, the Company granted 2 million shares of long-term stock awards; to offset the dilutive impact of these awards, the Company also repurchased and retired approximately 2 million shares of Company common stock, for cash aggregating $30 million. At June 30, 2011, the Company had 25 million shares of its common stock remaining under the July 2007 Board of Directors repurchase authorization.

		On the basis of amounts paid (declared), cash dividends per common share were $.075 ($.075) and $.15 ($.15), respectively, for the three months and six months ended June 30, 2011 and the three months and six months ended June 30, 2010.