Earnings Per Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share [Abstract]

EARNINGS PER SHARE

EARNINGS PER SHARE

	Three Months Ended June 30,		Six Months Ended June 30,
(in millions)	2011	2010	2011	2010
Weighted average shares outstanding - basic	1,528.6	1,516.6	1,527.5	1,515.6
Net effect of common stock equivalents	7.2	8.7	8.5
Weighted average shares outstanding - assuming dilution	1,535.8	1,525.3	1,536.0	1,515.6

Our weighted-average shares outstanding for earnings per share calculations excluded common stock equivalents of 9.1 million for the first half of 2010 due to our net loss position in that period.

Weighted-average shares outstanding, assuming dilution, also excludes the impact of 68 million stock options for the second quarter of 2011, 65 million for the second quarter of 2010, and 62 million for the first half of 2011 and 2010, due to the exercise prices of these stock options being greater than the average fair market value of our common stock during the period.

We issued approximately one million shares of our common stock in the second quarters of 2011 and 2010, eight million shares in the first half of 2011, and six million shares in the first half of 2010, following the exercise or vesting of underlying stock options or deferred stock units, or purchase under our employee stock purchase plans.

In May 2011, our Board of Directors and shareholders approved our 2011 Long-Term Incentive Plan (the 2011 LTIP), authorizing up to approximately 145 million shares of our common stock. The 2011 LTIP provides for the grant of restricted or unrestricted common stock, deferred stock units, options to acquire our common stock, stock appreciation rights, performance awards and other stock and non-stock awards. No further grants will be made under our 2003 Long-Term Incentive Plan. In addition, in July 2011, our Board of Directors approved a new share repurchase program authorizing the repurchase of up to $1.0 billion in shares of our common stock, in addition to the re-approval of approximately 37 million shares remaining under a previous share repurchase program. Any repurchased shares may be used for general corporate purposes.