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Earnings Per Share
 3 Months Ended
Mar. 31, 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 March 31,

 

 

 

2013

 

2012

 

Numerator:

 

 

 

 

 

Net earnings attributable to the Company

 

$

69

 

$

121

 

 

 

 

 

 

 

Denominator (in thousands):

 

 

 

 

 

Denominator for basic earnings per share - weighted average shares outstanding

 

164,069

 

164,241

 

 

 

 

 

 

 

Effect of dilutive securities:

 

 

 

 

 

Stock options and other

 

1,432

 

1,965

 

 

 

 

 

 

 

Denominator for diluted earnings per share - adjusted weighted average shares outstanding

 

165,501

 

166,206

 

 

 

 

 

 

 

Basic earnings per share:

 

 

 

 

 

Earnings from continuing operations

 

$

0.48

 

$

0.74

 

Loss from discontinued operations

 

(0.06

)

(0.01

)

Net earnings

 

$

0.42

 

$

0.73

 

 

 

 

 

 

 

Diluted earnings per share:

 

 

 

 

 

Earnings from continuing operations

 

$

0.48

 

$

0.73

 

Loss from discontinued operations

 

(0.06

)

(0.01

)

Net earnings

 

$

0.42

 

$

0.72

 

 

Options to purchase 1,640,504 and 956,580 weighted average shares of common stock which were outstanding during the three months ended March 31, 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 months ended March 31, 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.