Earnings per Share

12 Months Ended

Sep. 30, 2012

Earnings Per Share

Earnings per Share

20. EARNINGS PER SHARE

The calculation of basic and diluted earnings per share (EPS) is as follows:
30 September			2012		2011		2010
Numerator
	Income from continuing operations	$	999.2	$	1,134.3	$	941.6
	Income from discontinued operations		168.1		89.9		87.5
	Net Income Attributable to Air Products	$	1,167.3	$	1,224.2	$	1,029.1
Denominator (in millions)
Weighted average number of common shares outstanding			211.2		213.0		212.2
Effect of dilutive securities
	Employee stock options		2.6		3.7		3.9
	Other award plans		.9		.9		1.0
			3.5		4.6		4.9
Weighted average number of common shares outstanding
	assuming dilution		214.7		217.6		217.1
Basic EPS Attributable to Air Products
	Income from continuing operations	$	4.73	$	5.33	$	4.44
	Income from discontinued operations		.80		.42		.41
	Net Income Attributable to Air Products	$	5.53	$	5.75	$	4.85
Diluted EPS Attributable to Air Products
	Income from continuing operations	$	4.66	$	5.22	$	4.34
	Income from discontinued operations		.78		.41		.40
	Net Income Attributable to Air Products	$	5.44	$	5.63	$	4.74

Diluted EPS attributable to Air Products reflects the potential dilution that could occur if stock options or other share-based awards were exercised or converted into common stock. The dilutive effect is computed using the treasury stock method, which assumes all share-based awards are exercised and the hypothetical proceeds from exercise are used by the Company to purchase common stock at the average market price during the period. The incremental shares (difference between shares assumed to be issued versus purchased), to the extent they would have been dilutive, are included in the denominator of the diluted EPS calculation. Options on 3.6 million shares, 2.1 million shares, and 2.2 million shares were antidilutive and therefore excluded from the computation of diluted EPS for 2012, 2011, and 2010, respectively.