Earnings Per Share

9 Months Ended

Sep. 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 September 30,
	2011			2010
Numerator:
Net earnings attributable to the Company	$	116		$	139
Denominator (in thousands):
Denominator for basic earnings per share - weighted average shares outstanding	163,812			163,079
Effect of dilutive securities:
Stock options and other	1,883			2,512
Denominator for diluted earnings per share - adjusted weighted average shares outstanding	165,695			165,591
Basic earnings per share:
Earnings from continuing operations	$	0.73		$	0.78
Earnings (loss) from discontinued operations	(0.02		)	0.07
Net earnings	$	0.71		$	0.85
Diluted earnings per share:
Earnings from continuing operations	$	0.72		$	0.77
Earnings (loss) from discontinued operations	(0.02		)	0.07
Net earnings	$	0.70		$	0.84

Options to purchase 1,621,239 and 838,535 weighted average shares of common stock which were outstanding during the three months ended September 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.

	Nine months ended September 30,
	2011			2010
Numerator:
Net earnings attributable to the Company	$	261		$	365
Net earnings attributable to participating securities				(1		)
Numerator for basic earnings per share - income available to common share owners	$	261		$	364
Denominator (in thousands):
Denominator for basic earnings per share - weighted average shares outstanding	163,602			164,638
Effect of dilutive securities:
Stock options and other	2,415			2,920
Denominator for diluted earnings per share - adjusted weighted average shares outstanding	166,017			167,558
Basic earnings per share:
Earnings from continuing operations	$	1.60		$	2.07
Earnings (loss) from discontinued operations	(0.01		)	0.14
Net earnings	$	1.59		$	2.21
Diluted earnings per share:
Earnings from continuing operations	$	1.58		$	2.04
Earnings (loss) from discontinued operations	(0.01		)	0.14
Net earnings	$	1.57		$	2.18

Options to purchase 895,539 and 640,294 weighted average shares of common stock which were outstanding during the nine months ended September 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 nine months ended September 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.