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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.