VALERO ENERGY CORP/TX | 2013 | FY | 3

17.
EARNINGS PER COMMON SHARE
Earnings per common share from continuing operations were computed as follows (dollars and shares in millions, except per share amounts):
 
Year Ended December 31,
 
2013
 
2012
 
2011
 
Restricted
Stock
 
Common
Stock 
 
Restricted
Stock 
 
Common
Stock
 
Restricted
Stock 
 
Common
Stock
Earnings per common share from continuing operations:
 
 
 
 
 
 
 
 
 
 
 
Net income attributable to Valero stockholders from continuing operations
 
 
$
2,720


 

$
2,083


 

$
2,097

Less dividends paid:
 
 
 
 
 
 
 
 
 
 
 
Common stock
 
 
460

 
 
 
358

 
 
 
168

Nonvested restricted stock
 
 
2

 
 
 
2

 
 
 
1

Undistributed earnings
 
 
$
2,258

 
 
 
$
1,723

 
 
 
$
1,928

Weighted-average common shares outstanding
3

 
542

 
3

 
550

 
3

 
563

Earnings per common share from continuing operations:
 
 
 
 
 
 
 
 
 
 
 
Distributed earnings
$
0.85

 
$
0.85

 
$
0.65

 
$
0.65

 
$
0.30

 
$
0.30

Undistributed earnings
4.14

 
4.14

 
3.12

 
3.12

 
3.40

 
3.40

Total earnings per common share from continuing operations
$
4.99

 
$
4.99

 
$
3.77

 
$
3.77

 
$
3.70

 
$
3.70

 
 
 
 
 
 
 
 
 
 
 
 
Earnings per common share from continuing operations – assuming dilution:
 
 
 
 
 
 
 
 
 
 
 
Net income attributable to Valero stockholders from continuing operations
 
 
$
2,720

 
 
 
$
2,083

 
 
 
$
2,097

Weighted-average common shares outstanding
 
 
542

 
 
 
550

 
 
 
563

Common equivalent shares:
 
 
 
 
 
 
 
 
 
 
 
Stock options
 
 
4

 
 
 
4

 
 
 
4

Performance awards and nonvested restricted stock
 
 
2

 
 
 
2

 
 
 
2

Weighted-average common shares outstanding –
assuming dilution
 
 
548

 
 
 
556

 
 
 
569

Earnings per common share from continuing operations – assuming dilution
 
 
$
4.97

 
 
 
$
3.75

 
 
 
$
3.69

The following table reflects potentially dilutive securities (in millions) that were excluded from the calculation of “earnings per common share from continuing operations – assuming dilution” as the effect of including such securities would have been antidilutive. These potentially dilutive securities included stock options for which the exercise prices were greater than the average market price of our common shares during each respective reporting period.
 
Year Ended December 31,
 
2013
 
2012
 
2011
Stock options
1

 
4

 
6

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