Earnings Per Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share

Earnings Per Share

3. EARNINGS PER SHARE

The numerator for basic and diluted earnings per share is net earnings attributable to shareholders reduced by dividends and undistributed earnings attributable to unvested shares. The denominator for basic earnings per share is the weighted-average number of shares outstanding during the period. The denominator for diluted earnings per share is the weighted-average shares outstanding adjusted for the effect of dilutive stock options and performance share awards.

The following table presents the calculation of basic and diluted earnings per share:

	Three Months Ended June 30,						Six Months Ended June 30,
(In millions, except per share data)	2011			2010			2011			2010
Basic earnings per share:
Weighted-average shares outstanding		204.5			204.5			204.6			204.5
Net earnings attributable to shareholders	$	132.1		$	121.4		$	278.2		$	247.0
Dividends and undistributed earnings attributable to unvested shares		(0.4	)		(0.4	)		(0.8	)		(0.9	)
Net earnings attributable to shareholders used for basic earnings per share calculation	$	131.7		$	121.0		$	277.4		$	246.1
Net earnings attributable to shareholders per share	$	0.64		$	0.59		$	1.36		$	1.20
Diluted earnings per share:
Weighted-average shares outstanding		204.5			204.5			204.6			204.5
Incremental shares outstanding assuming the exercise/vesting of dilutive stock options/performance shares		0.6			0.4			0.6			0.3
Weighted-average shares – diluted		205.1			204.9			205.2			204.8
Net earnings attributable to shareholders	$	132.1		$	121.4		$	278.2		$	247.0
Dividends and undistributed earnings attributable to unvested shares		(0.4	)		(0.4	)		(0.8	)		(0.9	)
Net earnings attributable to shareholders used for diluted earnings per share calculation	$	131.7		$	121.0		$	277.4		$	246.1
Net earnings attributable to shareholders per share	$	0.64		$	0.59		$	1.35		$	1.20

Potential shares outstanding from all stock-based awards were 3.2 million and 2.4 million as of June 30, 2011 and 2010, respectively, of which 2.6 million and 2.0 million were not included in the diluted earnings per share calculation for the three months ended June 30, 2011 and 2010, respectively, and 2.6 million and 2.1 million were not included in the diluted earnings per share calculation for the six months ended June 30, 2011 and 2010, respectively.