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Profit Per Share
 9 Months Ended
Sep. 30, 2013
Earnings Per Share [Abstract]  
Profit Per Share
Profit Per Share
 
Computations of profit per share:
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
(Dollars in millions except per share data)
2013
 
2012
 
2013
 
2012
Profit for the period (A) 1:
$
946

 
$
1,699

 
$
2,786

 
$
4,984

Determination of shares (in millions):
 
 
 

 
 
 
 
Weighted-average number of common shares outstanding (B)
639.3

 
653.6

 
647.6

 
652.0

Shares issuable on exercise of stock awards, net of shares assumed to be purchased out of proceeds at average market price
12.6

 
15.1

 
13.7

 
17.7

Average common shares outstanding for fully diluted computation (C) 2
651.9

 
668.7

 
661.3

 
669.7

Profit per share of common stock:
 

 
 

 
 
 
 
Assuming no dilution (A/B)
$
1.48

 
$
2.60

 
$
4.30

 
$
7.64

Assuming full dilution (A/C) 2
$
1.45

 
$
2.54

 
$
4.21

 
$
7.44

Shares outstanding as of September 30 (in millions)
 
 
 
 
636.4

 
653.9



1 
Profit attributable to common stockholders.
2 
Diluted by assumed exercise of stock-based compensation awards using the treasury stock method.
 
 
 
 
 


SARs and stock options to purchase 10,285,409 and 10,191,424 common shares were outstanding for the three and nine months ended September 30, 2013, respectively, which were not included in the computation of diluted earnings per share because the effect would have been antidilutive. For the three and nine months ended September 30, 2012, there were outstanding SARs and stock options to purchase 6,073,271 common shares which were antidilutive.

In February 2007, the Board of Directors authorized the repurchase of $7.5 billion of Caterpillar stock, and in December 2011, the authorization was extended through December 31, 2015. In April 2013, we entered into a definitive agreement with Citibank, N.A. to purchase shares of our common stock under an accelerated stock repurchase transaction (April ASR Agreement), which was completed in June 2013. In accordance with the terms of the April ASR Agreement, a total of 11.5 million shares of our common stock were repurchased at an aggregate cost to Caterpillar of $1.0 billion.

In July 2013, we entered into a definitive agreement with Société Générale to purchase shares of our common stock under an accelerated stock repurchase transaction (July ASR Agreement), which was completed in September 2013. In accordance with the terms of the July ASR Agreement, a total of 11.9 million shares of our common stock were repurchased at an aggregate cost to Caterpillar of $1.0 billion. Through the end of the third quarter of 2013, $5.8 billion of the $7.5 billion authorization was spent.