|
(6) Diluted earnings per share (“EPS”) reflects the assumed exercise or conversion of all dilutive securities using the treasury stock method.
The calculations of the basic and diluted EPS for the three and nine months ended September 30, 2011 and 2010 are presented below:
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
|
|
(in thousands, except per share amounts) |
|
2011 |
|
2010 |
|
2011 |
|
2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) attributable to Fluor Corporation |
|
$ |
135,362 |
|
$ |
(53,636 |
) |
$ |
440,572 |
|
$ |
240,374 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic EPS: |
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding |
|
171,576 |
|
178,248 |
|
173,607 |
|
178,208 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per share |
|
$ |
0.79 |
|
$ |
(0.30 |
) |
$ |
2.54 |
|
$ |
1.35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS*: |
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding |
|
171,576 |
|
178,248 |
|
173,607 |
|
178,208 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted effect: |
|
|
|
|
|
|
|
|
|
|
Employee stock options and restricted stock units and shares |
|
1,252 |
|
— |
|
1,425 |
|
1,260 |
|
|
Conversion equivalent of dilutive convertible debt |
|
350 |
|
— |
|
787 |
|
1,410 |
|
|
Weighted average diluted shares outstanding |
|
173,178 |
|
178,248 |
|
175,819 |
|
180,878 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) per share |
|
$ |
0.78 |
|
$ |
(0.30 |
) |
$ |
2.51 |
|
$ |
1.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Anti-dilutive securities not included above |
|
1,000 |
|
4,574 |
|
770 |
|
1,497 |
|
* Due to the net loss in the third quarter of 2010, basic shares were used to calculate diluted earnings per share. Adding dilutive securities would result in anti-dilution.
During the three and nine months ended September 30, 2011, the company repurchased and cancelled 4,186,200 and 9,300,000 shares of its common stock, respectively, under its stock repurchase program for $241 million and $600 million, respectively. During the nine months ended September 30, 2010, the company repurchased and cancelled 379,600 shares of the company’s common stock for $17 million under its stock repurchase program. |