CAPITAL STOCK AND EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2013

Earnings Per Share [Abstract]

CAPITAL STOCK AND EARNINGS PER SHARE

16. CAPITAL STOCK AND EARNINGS PER SHARE

We are authorized to issue 250 million shares of preferred stock, none of which were issued or outstanding as of December 31, 2013.

The numerator for both basic and diluted earnings per share is net earnings available to common stockholders. The denominator for basic earnings per share is the weighted average number of common shares outstanding during the period. The denominator for diluted earnings per share is weighted average shares outstanding adjusted for the effect of dilutive stock options and other equity awards. The following is a reconciliation of weighted average shares for the basic and diluted share computations (in millions):

For the Years Ended December 31,	2013		2012		2011
Weighted average shares outstanding for basic net earnings per share		169.6		174.9		187.6
Effect of dilutive stock options and other equity awards		2.2		1.1		1.1
Weighted average shares outstanding for diluted net earnings per share		171.8		176.0		188.7

For the year ended December 31, 2013, an average of 3.1 million options to purchase shares of common stock were not included in the computation of diluted earnings per share as the exercise prices of these options were greater than the average market price of the common stock. For the years ended December 31, 2012 and 2011, an average of 11.9 million and 13.2 million options, respectively, were not included.

During 2013, we repurchased 9.1 million shares of our common stock at an average price of $78.88 per share for a total cash outlay of $719.0 million, including commissions. Effective January 1, 2014, we have a new share repurchase program that authorizes purchases of up to $1.0 billion with no expiration date. No further purchases will be made under the previous share repurchase program.