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Earnings Per Share
 6 Months Ended
Jun. 30, 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 June 30,

 

 

 

2013

 

2012

 

Numerator:

 

 

 

 

 

Net earnings attributable to the Company

 

$

132

 

$

133

 

 

 

 

 

 

 

Denominator (in thousands):

 

 

 

 

 

Denominator for basic earnings per share - weighted average shares outstanding

 

164,369

 

164,799

 

Effect of dilutive securities:

 

 

 

 

 

Stock options and other

 

1,362

 

1,131

 

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

 

165,731

 

165,930

 

 

 

 

 

 

 

Basic earnings per share:

 

 

 

 

 

Earnings from continuing operations

 

$

0.82

 

$

0.82

 

Loss from discontinued operations

 

(0.02

)

(0.01

)

Net earnings

 

$

0.80

 

$

0.81

 

 

 

 

 

 

 

Diluted earnings per share:

 

 

 

 

 

Earnings from continuing operations

 

$

0.81

 

$

0.81

 

Loss from discontinued operations

 

(0.02

)

(0.01

)

Net earnings

 

$

0.79

 

$

0.80

 

 

Options to purchase 1,519,897 and 2,118,603 weighted average shares of common stock which were outstanding during the three months ended June 30, 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.

 

 

 

Six months ended June 30,

 

 

 

2013

 

2012

 

Numerator:

 

 

 

 

 

Net earnings attributable to the Company

 

$

201

 

$

254

 

 

 

 

 

 

 

Denominator (in thousands):

 

 

 

 

 

Denominator for basic earnings per share - weighted average shares outstanding

 

164,220

 

164,520

 

Effect of dilutive securities:

 

 

 

 

 

Stock options and other

 

1,397

 

1,542

 

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

 

165,617

 

166,062

 

 

 

 

 

 

 

Basic earnings per share:

 

 

 

 

 

Earnings from continuing operations

 

$

1.30

 

$

1.56

 

Loss from discontinued operations

 

(0.08

)

(0.02

)

Net earnings

 

$

1.22

 

$

1.54

 

 

 

 

 

 

 

Diluted earnings per share:

 

 

 

 

 

Earnings from continuing operations

 

$

1.29

 

$

1.54

 

Loss from discontinued operations

 

(0.08

)

(0.02

)

Net earnings

 

$

1.21

 

$

1.52

 

 

Options to purchase 1,580,200 and 1,908,925 weighted average shares of common stock which were outstanding during the six months ended June 30, 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 and six months ended June 30, 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.