Earnings Per Share

6 Months Ended

Dec. 31, 2012

Earnings Per Share [Abstract]

Earnings Per Share

Note 11.     Earnings Per Share

The computation of basic and diluted earnings per share is as follows:

	Six Months Ended				Year Ended
(In millions, except per share amounts)	December 31				June 30
	2012		2011		2012		2011		2010
			(Unaudited)
Net earnings attributable to controlling interests	$	692	$	540	$	1,223	$	2,036	$	1,930
Average shares outstanding		660		669		665		642		643
Basic earnings per share	$	1.05	$	0.81	$	1.84	$	3.17	$	3.00
Net earnings attributable to controlling interests	$	692	$	540	$	1,223	$	2,036	$	1,930
Plus:  After-tax interest on 4.7% debentures
related to $1.75 billion Equity Units		-		-		-		13		-
Adjusted net earnings attributable to controlling interests	$	692	$	540	$	1,223	$	2,049	$	1,930
Average shares outstanding		660		669		665		642		643
Plus:  Incremental shares
Share-based compensation awards		1		1		1		1		1
Shares assumed issued related to $1.75 billion Equity
Units		-		-		-		11		-
Adjusted average shares outstanding		661		670		666		654		644
Diluted earnings per share	$	1.05	$	0.81	$	1.84	$	3.13	$	3.00

Average shares outstanding for 2011 include 44 million shares beginning June 1, 2011 related to equity unit conversion.

Adjusted net earnings attributable to controlling interests in 2011 include a $13 million adjustment for after-tax interest.  Adjusted average shares outstanding for 2011 include 44 million shares assumed issued on January 1, 2011 for the quarter ended March 31, 2011, or 11 million shares for the year ended June 30, 2011.  These adjustments relate to the $1.75 billion Equity Units and were made as a result of the requirement to use the “if-converted” method of calculating diluted earnings per share for the quarter ended March 31, 2011.