Earnings Per Share

3 Months Ended

Mar. 31, 2012

Earnings Per Share

Earnings Per Share

14. Earnings Per Share

        The following table shows a reconciliation of the numerators and denominators used in calculating basic and diluted earnings per share.

	Three Months Ended March 31,
(In millions, except per share amounts)	2012		2011
Numerators
Net income attributable to W. R. Grace & Co. shareholders	$	60.9	$	54.2
Denominators
Weighted average common shares—basic calculation		74.3		73.2
Dilutive effect of employee stock options		2.1		1.9
Weighted average common shares—diluted calculation		76.4		75.1
Basic earnings per share	$	0.82	$	0.74
Diluted earnings per share	$	0.80	$	0.72

        There were no anti-dilutive options outstanding for the quarters ended March 31, 2012 and 2011. The effect of the warrant for 10 million shares that would be issued under the Joint Plan, as discussed in Note 2, is not included in diluted earnings per share since it has not yet been issued.