Earnings Per Share

9 Months Ended

Sep. 30, 2013

Earnings Per Share

Earnings Per Share

12.  Earnings Per Share

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

	Three months ended September 30,
	2013			2012
Numerator:
Net earnings attributable to the Company	$	130		$	90
Denominator (in thousands):
Denominator for basic earnings per share - weighted average shares outstanding	164,546			164,800
Effect of dilutive securities:
Stock options and other	1,435			965
Denominator for diluted earnings per share - adjusted weighted average shares outstanding	165,981			165,765
Basic earnings per share:
Earnings from continuing operations	$	0.80		$	0.55
Loss from discontinued operations	(0.01		)	(0.01		)
Net earnings	$	0.79		$	0.54
Diluted earnings per share:
Earnings from continuing operations	$	0.79		$	0.55
Loss from discontinued operations	(0.01		)	(0.01		)
Net earnings	$	0.78		$	0.54

Options to purchase 1,355,622 and 2,615,389 weighted average shares of common stock which were outstanding during the three months ended September 30, 2013 and 2012, 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,
	2013			2012
Numerator:
Net earnings attributable to the Company	$	331		$	344
Denominator (in thousands):
Denominator for basic earnings per share - weighted average shares outstanding	164,330			164,614
Effect of dilutive securities:
Stock options and other	1,409			1,350
Denominator for diluted earnings per share - adjusted weighted average shares outstanding	165,739			165,964
Basic earnings per share:
Earnings from continuing operations	$	2.10		$	2.11
Loss from discontinued operations	(0.09		)	(0.03		)
Net earnings	$	2.01		$	2.08
Diluted earnings per share:
Earnings from continuing operations	$	2.08		$	2.10
Loss from discontinued operations	(0.09		)	(0.03		)
Net earnings	$	1.99		$	2.07

Options to purchase 1,505,341 and 2,144,413 weighted average shares of common stock which were outstanding during the nine months ended September 30, 2013 and 2012, 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, 2013 and 2012, 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.