Earnings Per Share

12 Months Ended

Dec. 31, 2011

Earnings Per Share [Abstract]

Earnings Per Share

Note 27

Earnings Per Share

Basic earnings per share (EPS) is based upon “Net Income Attributable to Chevron Corporation” (“earnings”) and includes the effects of deferrals of salary and other compensation awards that are invested in Chevron stock units by certain officers and employees of the company. Diluted EPS includes the effects of these items as well as the dilutive effects of outstanding stock options awarded under the company’s stock option programs (refer to Note 20, “Stock Options and Other Share-Based Compensation,” beginning on page FS-48). The table below sets forth the computation of basic and diluted EPS:

	Year ended December 31
	2011		2010		2009
Basic EPS Calculation
Earnings available to common stockholders – Basic*	$	26,895	$	19,024	$	10,483
Weighted-average number of common shares outstanding		1,986		1,996		1,991
Add: Deferred awards held as stock units		–		1		1
Total weighted-average number of common shares outstanding		1,986		1,997		1,992
Earnings per share of common stock – Basic	$	13.54	$	9.53	$	5.26
Diluted EPS Calculation
Earnings available to common stockholders – Diluted*	$	26,895	$	19,024	$	10,483
Weighted-average number of common shares outstanding		1,986		1,996		1,991
Add: Deferred awards held as stock units		–		1		1
Add: Dilutive effect of employee stock-based awards		15		10		9
Total weighted-average number of common shares outstanding		2,001		2,007		2,001
Earnings per share of common stock – Diluted	$	13.44	$	9.48	$	5.24

*   There was no effect of dividend equivalents paid on stock units or dilutive impact of employee stock-based awards on earnings.