Stockholders' Equity

6 Months Ended

Sep. 30, 2011

Stockholders' Equity [Abstract]

Stockholders' Equity

(7) Stockholders’ Equity

Earnings Per Share

The two-class method is utilized for the computation of earnings per share (EPS). The two-class method requires a portion of net income to be allocated to participating securities, which are unvested awards of share-based payments with non-forfeitable rights to receive dividends or dividend equivalents, if declared. Income allocated to these participating securities is excluded from net earnings allocated to common shares, as shown in the table below.

Basic earnings per share is computed by dividing net income allocated to common shares by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income allocated to common shares by the weighted average number of common shares outstanding during the period, plus the dilutive effect of outstanding stock options and other dilutive securities using the treasury stock method.

The following table summarizes our basic and diluted EPS computations for the quarters and six months ended September 30, 2011 and 2010:

	Quarter Ended					Six Months Ended
	September 30,					September 30,
	2011		2010			2011		2010
	(In millions, except per share data)
Basic earnings per share:
Net earnings	$	114.7	$	131.8		$	210.4	$	224.6
Less earnings allocated to participating securities		—		(0.1	)		—		(0.2	)
Net earnings allocated to common shares	$	114.7	$	131.7		$	210.4	$	224.4
Weighted average number of common shares outstanding		173.0		178.3			174.7		177.9
Basic earnings per share	$	0.66	$	0.74		$	1.20	$	1.26
Diluted earnings per share:
Net earnings	$	114.7	$	131.8		$	210.4	$	224.6
Less earnings allocated to participating securities		—		(0.1	)		—		(0.2	)
Net earnings allocated to common shares	$	114.7	$	131.7		$	210.4	$	224.4
Weighted average number of common shares outstanding		173.0		178.3			174.7		177.9
Incremental shares from assumed conversions of share-based awards		3.0		3.1			3.6		3.3
Adjusted weighted average number of common shares outstanding		176.0		181.4			178.3		181.2
Diluted earnings per share	$	0.65	$	0.73		$	1.18	$	1.24

For the quarter and six months ended September 30, 2011, 1.5 million and 0.9 million weighted average potential common shares, respectively, have been excluded from the calculation of diluted EPS as they were anti-dilutive. For the quarter and six months ended September 30, 2010, 3.6 million and 3.7 million weighted average potential common shares, respectively, have been excluded from the calculation of diluted EPS as they were anti-dilutive.

Treasury Stock

Our Board of Directors previously authorized a total of $4.0 billion to repurchase common stock. During the quarter and six months ended September 30, 2011, we repurchased 5.4 million and 8.8 million shares, respectively, for $225.0 million and $405.5 million, respectively, under the stock repurchase program. At September 30, 2011, approximately $225.3 million remains authorized in the stock repurchase program, which does not have an expiration date. In addition, during the quarter and six months ended September 30, 2011, we repurchased a nominal amount and 0.4 million shares, respectively, for $1.3 million and $23.0 million, respectively, to satisfy employee tax withholding obligations upon the vesting of share-based awards. In October 2011, our Board of Directors authorized an additional $1.0 billion to repurchase stock.