HESS CORP | 2013 | FY | 3


17.    Outstanding  and Weighted Average Common Shares

The following table provides the changes in the Corporation’s outstanding common shares:

 

     2013     2012      2011  
     (In millions)  

Balance at January 1

     341.5       340.0        337.7  

Activity related to restricted common stock awards, net

     0.8       1.3        0.6  

Stock options exercised

     2.3       0.2        1.7  

Shares repurchased*

     (19.3             
  

 

 

   

 

 

    

 

 

 

Balance at December 31

         325.3           341.5            340.0  
  

 

 

   

 

 

    

 

 

 

 

 

 

*

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)  

Income from continuing operations, net of income taxes

   $     3,968      $     1,867      $     1,531  

Less: Net income (loss) attributable to noncontrolling interests

     170        38        (27
  

 

 

    

 

 

    

 

 

 

Net income from continuing operations attributable to Hess Corporation

     3,798        1,829        1,558  

Income from discontinued operations, net of income taxes

     1,254        196        145  
  

 

 

    

 

 

    

 

 

 

Net income attributable to Hess Corporation

   $ 5,052      $ 2,025      $ 1,703  
  

 

 

    

 

 

    

 

 

 

Weighted average common shares outstanding:

        

Basic

     336.6        338.4        336.9  

Effect of dilutive securities

        

Restricted common stock

     1.4        1.1        1.4  

Stock options

     1.7        0.8        1.6  

Performance share units

     1.2                
  

 

 

    

 

 

    

 

 

 

Diluted

     340.9        340.3        339.9  
  

 

 

    

 

 

    

 

 

 

 

 

 

         2013              2012              2011      

Net income attributable to Hess Corporation per share:

        

Basic:

        

Continuing operations

   $ 11.28      $ 5.40      $ 4.62  

Discontinued operations

     3.73        0.58        0.43  
  

 

 

    

 

 

    

 

 

 

Net income per share

   $ 15.01      $ 5.98      $ 5.05  
  

 

 

    

 

 

    

 

 

 

Diluted:

        

Continuing operations

   $ 11.14      $ 5.37      $ 4.58  

Discontinued operations

     3.68        0.58        0.43  
  

 

 

    

 

 

    

 

 

 

Net income per share

   $ 14.82      $ 5.95      $ 5.01  
  

 

 

    

 

 

    

 

 

 

 

 

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.


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