Sunoco 2011 Annual Report Download - page 90

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5. Earnings Per Share Data
The following table sets forth the reconciliation of the weighted-average number of common shares used to
compute basic earnings per share (“EPS”) to those used to compute diluted EPS (in millions):
2011* 2010 2009*
Weighted-average number of common shares outstanding—basic ........ 115.7 120.1 116.9
Add effect of dilutive stock incentive awards ........................ — 0.2 —
Weighted-average number of shares—diluted .................... 115.7 120.3 116.9
*Since the assumed issuance of common stock under stock incentive awards would not have been dilutive, the weighted-average number of
shares used to compute diluted EPS is equal to the weighted-average number of shares used in the basic EPS computation.
6. Inventories
Inventories (excluding those attributable to the Toledo refinery which are included in assets held for sale at
December 31, 2010) consisted of the following components (in millions of dollars):
December 31,
2011 2010
Crude oil ............................................................. $204 $ 98
Petroleum and chemical products .......................................... 120 126
Coal and coke ......................................................... 190 83
Materials, supplies and other .............................................. 73 97
$587 $404
The current replacement cost of all inventories valued at LIFO, including inventories classified as assets
held for sale, exceeded their carrying values by $2.92 and $3.12 billion at December 31, 2011 and 2010,
respectively. During 2011 and 2010, Sunoco reduced certain inventory quantities which were valued at lower
LIFO costs prevailing in prior years. The effect of these reductions was to increase results of operations by $63
million ($38 million after tax) and $188 million ($112 million after tax) during 2011 and 2010, respectively. The
2010 amount includes $10 million ($6 million after tax) attributable to discontinued polypropylene chemicals
operations prior to its divestment. The net pretax gain on the sale of the Toledo refinery includes LIFO inventory
profits of $535 million ($321 million after tax). The gains recognized in connection with the sale of the
discontinued Frankford and Haverhill chemicals facilities include LIFO inventory profits of $47 million ($28
million after tax).
7. Investments and Long-Term Receivables
Investments and long-term receivables consisted of the following components (in millions of dollars):
December 31,
2011 2010
Investments in affiliated companies:
Pipeline joint ventures (Notes 2 and 3) .................................... $ 73 $ 76*
Brazilian cokemaking operations ........................................ 41 41
Other .............................................................. 19 24
133 141
Accounts and notes receivable .......................................... 25 19
$158 $160
*Includes equity interest in Inland which is reflected as a consolidated subsidiary of Sunoco at December 31, 2011 as a result of the controlling
financial interest acquired in 2011 (Note 2).
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