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Earnings Per Share
 9 Months Ended
Sep. 30, 2014
Earnings Per Share [Abstract]  
Earnings Per Share

(5) 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 nine month periods ended September 30, 2014 and 2013:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended

 

For the nine months ended

 

September 30,

 

September 30,

 

2014

 

2013

 

2014

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

Net income (in millions)

$
211 

 

$
186 

 

$
612 

 

$
559 

 

 

 

 

 

 

 

 

 

 

 

 

Number of common shares:

 

 

 

 

 

 

 

 

 

 

 

Weighted average outstanding

 
351,457,043 

 

 
350,517,337 

 

 
351,357,913 

 

 
350,334,634 

Issued upon assumed exercise of outstanding stock options

 
235,944 

 

 
373,152 

 

 
354,940 

 

 
442,678 

Effect of issuance of nonvested restricted common stock

 
514,668 

 

 
332,341 

 

 
484,786 

 

 
237,662 

Effect of issuance of nonvested performance units

 
119,595 

 

 

–  

 

 
136,907 

 

 

–  

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

 
352,327,250 

 

 
351,222,830 

 

 
352,334,546 

 

 
351,014,974 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

Basic

$
0.60 

 

$
0.53 

 

$
1.74 

 

$
1.60 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted

$
0.60 

 

$
0.53 

 

$
1.74 

 

$
1.59 

 

(1)

Options for 1,254,842 shares and 27,916 shares of restricted stock were excluded from the calculation for the three months ended September 30, 2014 because they would have had an antidilutive effect.  Options for 1,550,838 shares and 15,703 shares of restricted stock were excluded from the calculation for the three months ended September 30, 2013 because they would have had an antidilutive effect. 

(2)

Options for 1,111,128 shares and 24,215 shares of restricted stock were excluded from the calculation for the nine months ended September 30, 2014 because they would have had an antidilutive effect.  Options for 1,848,566 shares and 169,261 shares of restricted stock were excluded from the calculation for the nine months ended September 30, 2013 because they would have had an antidilutive effect.