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Earnings Per Share | 9 Months Ended
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Sep. 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 September 30, |
|  | 2013 |  | 2012 |
Numerator: |  |  |  |  |
Net earnings attributable to the Company |  | $ | 130 |  | $ | 90 |
Denominator (in thousands): |  |  |  |  |
Denominator for basic earnings per share - weighted average shares outstanding |  | 164,546 |  | 164,800 |
Effect of dilutive securities: |  |  |  |  |
Stock options and other |  | 1,435 |  | 965 |
Denominator for diluted earnings per share - adjusted weighted average shares outstanding |  | 165,981 |  | 165,765 |
Basic earnings per share: |  |  |  |  |
Earnings from continuing operations |  | $ | 0.80 |  | $ | 0.55 |
Loss from discontinued operations |  | (0.01 | ) | (0.01 | )
Net earnings |  | $ | 0.79 |  | $ | 0.54 |
Diluted earnings per share: |  |  |  |  |
Earnings from continuing operations |  | $ | 0.79 |  | $ | 0.55 |
Loss from discontinued operations |  | (0.01 | ) | (0.01 | )
Net earnings |  | $ | 0.78 |  | $ | 0.54 |
Options to purchase 1,355,622 and 2,615,389 weighted average shares of common stock which were outstanding during the three months ended September 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.
|  | Nine months ended September 30, |
|  | 2013 |  | 2012 |
Numerator: |  |  |  |  |
Net earnings attributable to the Company |  | $ | 331 |  | $ | 344 |
Denominator (in thousands): |  |  |  |  |
Denominator for basic earnings per share - weighted average shares outstanding |  | 164,330 |  | 164,614 |
Effect of dilutive securities: |  |  |  |  |
Stock options and other |  | 1,409 |  | 1,350 |
Denominator for diluted earnings per share - adjusted weighted average shares outstanding |  | 165,739 |  | 165,964 |
Basic earnings per share: |  |  |  |  |
Earnings from continuing operations |  | $ | 2.10 |  | $ | 2.11 |
Loss from discontinued operations |  | (0.09 | ) | (0.03 | )
Net earnings |  | $ | 2.01 |  | $ | 2.08 |
Diluted earnings per share: |  |  |  |  |
Earnings from continuing operations |  | $ | 2.08 |  | $ | 2.10 |
Loss from discontinued operations |  | (0.09 | ) | (0.03 | )
Net earnings |  | $ | 1.99 |  | $ | 2.07 |
Options to purchase 1,505,341 and 2,144,413 weighted average shares of common stock which were outstanding during the nine months ended September 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 nine months ended September 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.

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