| 17. Outstanding | and Weighted Average Common Shares |
The following table provides the changes in the Corporation’s outstanding common shares:
| 2013 | 2012 | 2011 | ||||||||||
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Balance at January 1 |
341.5 | 340.0 | 337.7 | |||||||||
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Activity related to restricted common stock awards, net |
0.8 | 1.3 | 0.6 | |||||||||
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Stock options exercised |
2.3 | 0.2 | 1.7 | |||||||||
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Shares repurchased* |
(19.3 | ) | — | — | ||||||||
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Balance at December 31 |
325.3 | 341.5 | 340.0 | |||||||||
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| * |
See Note 18, Share Repurchase Plan in the notes to the Consolidated Financial Statements. |
The following table presents the calculation of basic and diluted earnings per share:
| 2013 | 2012 | 2011 | ||||||||||
| (In millions) | ||||||||||||
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Income from continuing operations, net of income taxes |
$ | 3,968 | $ | 1,867 | $ | 1,531 | ||||||
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Less: Net income (loss) attributable to noncontrolling interests |
170 | 38 | (27 | ) | ||||||||
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Net income from continuing operations attributable to Hess Corporation |
3,798 | 1,829 | 1,558 | |||||||||
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Income from discontinued operations, net of income taxes |
1,254 | 196 | 145 | |||||||||
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Net income attributable to Hess Corporation |
$ | 5,052 | $ | 2,025 | $ | 1,703 | ||||||
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Weighted average common shares outstanding: |
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Basic |
336.6 | 338.4 | 336.9 | |||||||||
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Effect of dilutive securities |
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Restricted common stock |
1.4 | 1.1 | 1.4 | |||||||||
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Stock options |
1.7 | 0.8 | 1.6 | |||||||||
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Performance share units |
1.2 | — | — | |||||||||
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Diluted |
340.9 | 340.3 | 339.9 | |||||||||
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| 2013 | 2012 | 2011 | ||||||||||
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Net income attributable to Hess Corporation per share: |
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Basic: |
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Continuing operations |
$ | 11.28 | $ | 5.40 | $ | 4.62 | ||||||
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Discontinued operations |
3.73 | 0.58 | 0.43 | |||||||||
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Net income per share |
$ | 15.01 | $ | 5.98 | $ | 5.05 | ||||||
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Diluted: |
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Continuing operations |
$ | 11.14 | $ | 5.37 | $ | 4.58 | ||||||
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Discontinued operations |
3.68 | 0.58 | 0.43 | |||||||||
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Net income per share |
$ | 14.82 | $ | 5.95 | $ | 5.01 | ||||||
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The weighted average common shares used in the diluted earnings per share calculations exclude the effect of approximately 4.4 million, 9.2 million and 3.5 million out-of-the-money stock options for 2013, 2012 and 2011, respectively. Based on the Corporation’s TSR, the diluted earnings per share calculations also exclude the effects of 414,175 PSUs for 2012. Cash dividends declared on common stock totaled $0.70 per share ($0.10 per share for the first two quarters and $0.25 per share commencing in the third quarter) during 2013. Cash dividends were $0.40 per share ($0.10 per quarter) for both 2012 and 2011.