CHEVRON CORP | 2013 | FY | 3

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-47). The table below sets forth the computation of basic and diluted EPS:
 
Year ended December 31
 
 
2013

 
 
2012

 
2011

Basic EPS Calculation
 
 
 
 
 
 
Earnings available to common stockholders - Basic*
$
21,423

 
 
$
26,179

 
$
26,895

Weighted-average number of common shares outstanding
1,916

 
 
1,950

 
1,986

     Add: Deferred awards held as stock units
1

 
 
—

 
—

Total weighted-average number of common shares outstanding
1,917

 
 
1,950

 
1,986

Earnings per share of common stock - Basic
$
11.18

 
 
$
13.42

 
$
13.54

Diluted EPS Calculation
 
 
 
 
 
 
Earnings available to common stockholders - Diluted*
$
21,423

 
 
$
26,179

 
$
26,895

Weighted-average number of common shares outstanding
1,916

 
 
1,950

 
1,986

     Add: Deferred awards held as stock units
1

 
 
—

 
—

     Add: Dilutive effect of employee stock-based awards
15

 
 
15

 
15

Total weighted-average number of common shares outstanding
1,932

 
 
1,965

 
2,001

Earnings per share of common stock - Diluted
$
11.09

 
 
$
13.32

 
$
13.44

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

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