Earnings Per Share

9 Months Ended

Sep. 30, 2012

Earnings Per Share

Earnings Per Share

2.Earnings Per Share

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

	Three months ended September 30,
	2012			2011
Numerator:
Net earnings attributable to the Company	$	90		$	116
Denominator (in thousands):
Denominator for basic earnings per share - weighted average shares outstanding	164,800			163,812
Effect of dilutive securities:
Stock options and other	965			1,883
Denominator for diluted earnings per share - adjusted weighted average shares outstanding	165,765			165,695
Basic earnings per share:
Earnings from continuing operations	$	0.55		$	0.73
Loss from discontinued operations	(0.01		)	(0.02		)
Net earnings	$	0.54		$	0.71
Diluted earnings per share:
Earnings from continuing operations	$	0.55		$	0.72
Loss from discontinued operations	(0.01		)	(0.02		)
Net earnings	$	0.54		$	0.70

Options to purchase 2,615,389 and 2,166,511 weighted average shares of common stock which were outstanding during the three months ended September 30, 2012 and 2011, 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,
	2012			2011
Numerator:
Net earnings attributable to the Company	$	344		$	271
Denominator (in thousands):
Denominator for basic earnings per share - weighted average shares outstanding	164,614			163,602
Effect of dilutive securities:
Stock options and other	1,350			2,415
Denominator for diluted earnings per share - adjusted weighted average shares outstanding	165,964			166,017
Basic earnings per share:
Earnings from continuing operations	$	2.11		$	1.66
Loss from discontinued operations	(0.03		)	(0.01		)
Net earnings	$	2.08		$	1.65
Diluted earnings per share:
Earnings from continuing operations	$	2.10		$	1.64
Loss from discontinued operations	(0.03		)	(0.01		)
Net earnings	$	2.07		$	1.63

Options to purchase 2,144,413 and 1,487,348 weighted average shares of common stock which were outstanding during the nine months ended September 30, 2012 and 2011, 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, 2012 and 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.