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Earnings Per Share
 12 Months Ended
Dec. 31, 2011
Earnings Per Share [Abstract]  
Earnings Per Share NOTE 8 Earnings Per Share

NOTE 8

Earnings Per Share

The following table provides a reconciliation of the data used in the calculation of basic and diluted loss per share computations for loss from continuing operations for the years ended December 31, 2011, 2010 and 2009. The presentation gives effect to the 1:2 Reverse Stock Split, which occurred after market close on October 31, 2011.

 

 

                               
     2011   2010   2009

Loss from continuing operations

     $ (578 )     $ (132 )     $ (111 )

Weighted average common shares outstanding

       92.2         91.2         90.5  

Add: Weighted average restricted stock awards outstanding(a)

       0.6         0.8         0.8  
                               

Basic weighted average common shares outstanding

       92.8         92.0         91.3  

Add: Dilutive impact of stock options

       N/A         N/A         N/A  
                               

Diluted weighted average common shares outstanding

       92.8         92.0         91.3  

Basic and diluted loss per share

     $ (6.23 )     $ (1.44 )     $ (1.21 )
                               

 

(a) Restricted stock awards containing rights to non-forfeitable dividends which participate in undistributed earnings with common shareholders are considered participating securities for purposes of computing earnings per share.

 

Shares underlying stock options excluded from the computation of diluted loss per share because they were anti-dilutive were as follows:

 

 

                               
     2011   2010   2009

Anti-dilutive stock options

       2.1         1.7         1.5  

Average exercise price(b)

     $ 16.70       $ 85.08       $ 80.58  
                               

Years of expiration

      
 		 2012-
2021		  
 		      
 		 2012-
2020		  
 		      
 		 2012-
2016		  
 
                               

 

(b) The decrease in average exercise price of anti-dilutive stock options from 2010 to 2011 resulted from the change in stock price of ITT common stock following the Distribution.