11. INCOME PER COMMON SHARE
Set forth below is a reconciliation of Basic and Diluted income per common share from continuing operations attributable to Time Warner Inc. common shareholders (millions, except per share amounts):
| Year Ended December 31, | ||||||||||
| 2013 | 2012 | 2011 | ||||||||
| Income from continuing operations attributable to Time Warner Inc. | ||||||||||
| shareholders: | $ | 3,554 | $ | 2,925 | $ | 2,886 | ||||
| Income allocated to participating securities | (16) | (18) | (15) | |||||||
| Income from continuing operations attributable to Time Warner Inc. | ||||||||||
| common shareholders | $ | 3,538 | $ | 2,907 | $ | 2,871 | ||||
| Average number of common shares outstanding — basic | 920.0 | 954.4 | 1,046.2 | |||||||
| Dilutive effect of equity awards | 22.6 | 21.9 | 18.3 | |||||||
| Average number of common shares outstanding — diluted | 942.6 | 976.3 | 1,064.5 | |||||||
| Income per common share from continuing operations attributable to | ||||||||||
| Time Warner Inc. common shareholders: | ||||||||||
| Basic | $ | 3.85 | $ | 3.05 | $ | 2.74 | ||||
| Diluted | $ | 3.77 | $ | 3.00 | $ | 2.71 | ||||
The computation of diluted income per common share from continuing operations for the years ended December 31, 2013, 2012 and 2011 excludes certain equity awards for which common shares that may be issued under the Company's stock compensation plans because they do not have a dilutive effect as set forth below (millions):
| Year Ended December 31, | ||||||||||
| 2013 | 2012 | 2011 | ||||||||
| Antidilutive equity awards: | - | 25 | 72 | |||||||