Earnings Per Share (Notes)

3 Months Ended

Mar. 31, 2017

Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract]

Earnings Per Share Disclosure

Earnings Per Share

Basic earnings per share (EPS) is calculated using the weighted average number of common shares outstanding during the period and includes the effect of any participating securities as appropriate. Participating securities consist of unvested restricted stock issued to our employees and non-employee directors that provide dividend rights.

Diluted EPS is calculated assuming the issuance of common shares for all potentially dilutive securities, provided the effect is not antidilutive. For the Current Quarter and the Prior Quarter, our contingent convertible senior notes did not have a dilutive effect and therefore were excluded from the calculation of diluted EPS. See Note 3 for further discussion of our convertible senior notes and contingent convertible senior notes.

For the Current Quarter and the Prior Quarter, shares of common stock for the following dilutive securities were excluded from the calculation of diluted EPS as the effect was antidilutive.

	Shares
	(in millions)
Three Months Ended March 31, 2017
Common stock equivalent of our preferred stock outstanding:
5.75% cumulative convertible preferred stock	31
5.75% cumulative convertible preferred stock (series A)	18
5.00% cumulative convertible preferred stock (series 2005B)	5
4.50% cumulative convertible preferred stock	6
Participating securities	1
Common stock equivalent of our convertible senior notes outstanding:
5.5% convertible senior notes	146
Common stock equivalent of our preferred stock outstanding prior to exchange:
5.75% cumulative convertible preferred stock exchanged	1
5.75% cumulative convertible preferred stock (series A) exchanged	—
5.00% cumulative convertible preferred stock (series 2005B) exchanged	—
Three Months Ended March 31, 2016
Common stock equivalent of our preferred stock outstanding:
5.75% cumulative convertible preferred stock	58
5.75% cumulative convertible preferred stock (series A)	42
5.00% cumulative convertible preferred stock (series 2005B)	6
4.50% cumulative convertible preferred stock	6
Participating securities	1

For the Current Quarter, outstanding stock options were included in the calculation of diluted EPS. A reconciliation of basic EPS and diluted EPS for the Current Quarter is as follows:

	Income (Numerator)		Weighted Average Shares (Denominator)	Per Share Amount
	(in millions, except per share data)
Three Months Ended March 31, 2017
Basic EPS	$	75	906	$	0.08
Effect of Dilutive Securities:
Outstanding stock options	—		1
Diluted EPS	$	75	907	$	0.08