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Earnings Per Share
 6 Months Ended
Jun. 30, 2014
Earnings Per Share [Abstract]  
Earnings Per Share

(6) EARNINGS PER SHARE

 

Basic earnings per share is computed by dividing net income (the numerator) by the weighted-average number of common shares outstanding for the period (the denominator). Diluted earnings per share is similarly calculated except that the denominator is increased using the treasury stock method to reflect the potential dilution that could occur if outstanding stock options were exercised and unvested restricted stock and performance unit awards were vested at the end of the applicable period.

 

The following table presents the computation of earnings per share for the three and six month period ended June 30, 2014 and 2013:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended

 

For the six months ended

 

June 30,

 

June 30,

 

2014

 

2013

 

2014

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

Net income (in millions)

$
207 

 

$
246 

 

$
401 

 

$
373 

 

 

 

 

 

 

 

 

 

 

 

 

Number of common shares:

 

 

 

 

 

 

 

 

 

 

 

Weighted average outstanding

 
351,391,582 

 

 
350,448,806 

 

 
351,307,527 

 

 
350,241,768 

Issued upon assumed exercise of outstanding stock options

 
490,302 

 

 
386,999 

 

 
418,987 

 

 
481,528 

Effect of issuance of nonvested restricted common stock

 
577,599 

 

 
247,002 

 

 
472,008 

 

 
188,596 

Effect of issuance of nonvested performance units

 
120,039 

 

 

–  

 

 
107,746 

 

 

–  

Weighted average and potential dilutive outstanding (1)(2)

 
352,579,522 

 

 
351,082,807 

 

 
352,306,268 

 

 
350,911,892 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

Basic

$
0.59 

 

$
0.70 

 

$
1.14 

 

$
1.07 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted

$
0.59 

 

$
0.70 

 

$
1.14 

 

$
1.06 

 

(1)

Options for 654,189 shares and 19,045 shares of restricted stock were excluded from the calculation for the three months ended June 30, 2014 because they would have had an antidilutive effect.  Options for 1,599,246 shares and 29,251 shares of restricted stock were excluded from the calculation for the three months ended June 30, 2013 because they would have had an antidilutive effect.

(2)

Options for 1,026,958 shares and 22,952 shares of restricted stock were excluded from the calculation for the six months ended June 30, 2014 because they would have had an antidilutive effect.  Options for 2,079,849 shares and 246,347 shares of restricted stock were excluded from the calculation for the six months ended June 30, 2013 because they would have had an antidilutive effect.