Earnings Per Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share

Earnings Per Share

1. Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share:

	Three months ended June 30,
	2011		2010
Numerator:
Net earnings attributable to the Company	$	73	$	141
Denominator (in thousands):
Denominator for basic earnings per share - weighted average shares outstanding	163,633		163,501
Effect of dilutive securities:
Stock options and other	2,638		2,958
Denominator for diluted earnings per share - adjusted weighted average shares outstanding	166,271		166,459
Basic earnings per share:
Earnings from continuing operations	$	0.43	$	0.80
Earnings from discontinued operations	0.01		0.06
Net earnings	$	0.44	$	0.86
Diluted earnings per share:
Earnings from continuing operations	$	0.42	$	0.79
Earnings from discontinued operations	0.01		0.06
Net earnings	$	0.43	$	0.85

Options to purchase 603,341 and 687,254 weighted average shares of common stock which were outstanding during the three months ended June 30, 2011 and 2010, respectively, were not included in the computation of diluted earnings per share because the options’ exercise price was greater than the average market price of the common shares.

	Six months ended June 30,
	2011		2010
Numerator:
Net earnings attributable to the Company	$	145	$	226
Net earnings attributable to participating securities			(1		)
Numerator for basic earnings per share - income available to common share owners	$	145	$	225
Denominator (in thousands):
Denominator for basic earnings per share - weighted average shares outstanding	163,494		165,431
Effect of dilutive securities:
Stock options and other	2,699		3,124
Denominator for diluted earnings per share - adjusted weighted average shares outstanding	166,193		168,555
Basic earnings per share:
Earnings from continuing operations	$	0.87	$	1.29
Earnings from discontinued operations	0.01		0.07
Net earnings	$	0.88	$	1.36
Diluted earnings per share:
Earnings from continuing operations	$	0.86	$	1.27
Earnings from discontinud operations	0.01		0.07
Net earnings	$	0.87	$	1.34

Options to purchase 532,689 and 541,173 weighted average shares of common stock which were outstanding during the six months ended June 30, 2011 and 2010, respectively, were not included in the computation of diluted earnings per share because the options’ exercise price was greater than the average market price of the common shares.

The 2015 Exchangeable Notes have a dilutive effect only in those periods in which the Company’s average stock price exceeds the exchange price of $47.47 per share.  For the three and six months ended June 30, 2011, the Company’s average stock price did not exceed the exchange price.  Therefore, the potentially issuable shares resulting from the settlement of the 2015 Exchangeable Notes were not included in the calculation of diluted earnings per share.