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84 CHEVRON CORPORATION 2006 ANNUAL REPORT84 CHEVRON CORPORATION 2006 ANNUAL REPORT
Notes to the Consolidated Financial Statements
Millions of dollars, except per-share amounts
NOTE 27. EARNINGS PER SHARE – Continued
Year ended December 31
2006 2005 2004
BASIC EPS CALCULATION
Income from continuing operations $ 17,138 $ 14,099 $ 13,034
Add: Dividend equivalents paid on stock units 1 2 3
Income from continuing operations available to common stockholders $ 17,139 $ 14,101 $ 13,037
Income from discontinued operations – – 294
Net income available to common stockholders – Basic $ 17,139 $ 14,101 $ 13,331
Weighted-average number of common shares outstanding* 2,185 2,143 2,114
Add: Deferred awards held as stock units 1 1 2
Total weighted-average number of common shares outstanding 2,186 2,144 2,116
Per share of common stock
Income from continuing operations available to common stockholders $ 7.84 $ 6.58 $ 6.16
Income from discontinued operations – – 0.14
Net income – Basic $ 7.84 $ 6.58 $ 6.30
DILUTED EPS CALCULATION
Income from continuing operations $ 17,138 $ 14,099 $ 13,034
Add: Dividend equivalents paid on stock units 1 2 3
Add: Dilutive effects of employee stock-based awards – 2 1
Income from continuing operations available to common stockholders $ 17,139 $ 14,103 $ 13,038
Income from discontinued operations – – 294
Net income available to common stockholders – Diluted $ 17,139 $ 14,103 $ 13,332
Weighted-average number of common shares outstanding* 2,185 2,143 2,114
Add: Deferred awards held as stock units 1 1 2
Add: Dilutive effect of employee stock-based awards 11 11 6
Total weighted-average number of common shares outstanding 2,197 2,155 2,122
Per share of common stock
Income from continuing operations available to common stockholders $ 7.80 $ 6.54 $ 6.14
Income from discontinued operations – – 0.14
Net income – Diluted $ 7.80 $ 6.54 $ 6.28
*Share amounts in all periods refl ect a two-for-one stock split effected as a 100 percent stock dividend in September 2004.