Basic and Diluted Earnings Per Share

3 Months Ended

Mar. 31, 2013

Earnings Per Share [Abstract]

Basic and Diluted Earnings Per Share

Earnings Per Share

Basic earnings per share of common stock is computed using the weighted average number of shares of common stock outstanding during each period. The diluted earnings per share of common stock include the effect of outstanding stock options, shares of restricted stock, or shares of our common stock held in a rabbi trust (when dilutive). The following table summarizes the calculation of basic and diluted earnings per share:

	Three Months Ended March 31,
	2013		2012
(millions, except per share amounts)
Income from Continuing Operations	$	232	$	249
Weighted Average Number of Shares Outstanding, Basic	179		177
Incremental Shares From Assumed Conversion of Dilutive Stock Options, Restricted Stock and Shares of Common Stock in Rabbi Trust	2		3
Weighted Average Number of Shares Outstanding, Diluted	181		180
Earnings from Continuing Operations Per Share, Basic	$	1.29	$	1.40
Earnings from Continuing Operations Per Share, Diluted	1.28		1.39
Number of antidilutive stock options, shares of restricted stock and shares of common stock in rabbi trust excluded from calculation above	3		2

Common Stock Split   On April 22, 2013, Noble Energy’s Board of Directors approved a two-for-one split of its common stock to be effected in the form of a stock dividend. The stock dividend will be distributed on May 28, 2013 to shareholders of record as of May 14, 2013. Pro forma earnings per share and common shares outstanding, giving retrospective effect to the stock split, is as follows:

	Three Months Ended March 31,
	2013				2012
	As Reported		Pro Forma		As Reported		Pro Forma
(millions, except per share amounts)
Earnings Per Share, Basic
Income from Continuing Operations	$	1.29	$	0.65	$	1.40	$	0.70
Discontinued Operations, Net of Tax	0.17		0.08		0.08		0.04
Net Income	$	1.46	$	0.73	$	1.48	$	0.74
Earnings Per Share, Diluted
Income from Continuing Operations	$	1.28	$	0.64	$	1.39	$	0.69
Discontinued Operations, Net of Tax	0.17		0.08		0.08		0.04
Net Income	$	1.45	$	0.72	$	1.47	$	0.73
Weighted Avg Number of Shares Outstanding
Basic	179		358		177		355
Diluted	181		362		180		359