Earnings Per Share

9 Months Ended

Sep. 30, 2012

Earnings Per Share

11. Earnings Per Share

The following is a reconciliation of weighted average shares for the basic and diluted shares computations (in millions):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2012		2011		2012		2011
Weighted average shares outstanding for basic net earnings per share		174.1		187.7		175.6		190.6
Effect of dilutive stock options and other equity awards		1.2		1.1		1.1		1.2
Weighted average shares outstanding for diluted net earnings per share		175.3		188.8		176.7		191.8

During the three and nine month periods ended September 30, 2012, an average of 11.9 million options and 12.3 million options, respectively, to purchase shares of common stock were not included in the computation of diluted earnings per share because the exercise prices of these options were greater than the average market price of the common stock. During the three and nine month periods ended September 30, 2011, an average of 13.8 million options and 12.7 million options, respectively, were not included in the computation.

In the three month period ended September 30, 2012, we repurchased 1.5 million shares of our common stock at an average price of $62.61 per share for a total cash outlay of $97.6 million, including commissions. In the nine month period ended September 30, 2012, we repurchased 5.5 million shares of our common stock at an average price of $62.29 per share for a total cash outlay of $345.7 million, including commissions. As of September 30, 2012, approximately $1,154.3 million remained authorized under a $1.5 billion repurchase program, which will expire on December 31, 2014.