Net Earnings Per Share

9 Months Ended

Sep. 30, 2012

Net Earnings Per Share

Net Earnings Per Share

6.     Net Earnings Per Share

        Net earnings per share were computed as follows:

	Three months ended September 30,				Nine months ended September 30,
	2012		2011		2012		2011
	(in millions, except per share amounts)
Net earnings attributable to common stockholders	$	403.3	$	330.9	$	1,378.0	$	1,100.3
Basic earnings per common share:
Weighted average common shares outstanding		62.8		69.4		64.2		70.7
Net earnings attributable to common stockholders	$	6.43	$	4.77	$	21.47	$	15.55
Diluted earnings per common share:
Weighted average common shares outstanding		62.8		69.4		64.2		70.7
Dilutive common shares—stock options		0.7		0.5		0.8		0.7
Diluted weighted average shares outstanding		63.5		69.9		65.0		71.4
Net earnings attributable to common stockholders	$	6.35	$	4.73	$	21.19	$	15.41

        In the computation of diluted net earnings per common share, potentially dilutive stock options are excluded if the effect of their inclusion is anti-dilutive. For the three and nine months ended September 30, 2012 and 2011, anti-dilutive stock options were insignificant.

        In August 2011, our Board of Directors authorized a program to repurchase Company common stock for a total expenditure of up to $1.5 billion plus program expenses (the 2011 Stock Repurchase Program). In the third and fourth quarters of 2011, we repurchased 6.5 million shares for $1.0 billion and during the second quarter of 2012, we repurchased an additional 3.1 million shares under the program for $500.0 million, thereby completing the 2011 Stock Repurchase Program. The impact of the share repurchase program on weighted average shares outstanding is reflected in the table above. Also, see Note 19—Treasury Stock.