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Earnings Per Share
 6 Months Ended
Jun. 30, 2014
Earnings Per Share  
Earnings Per Share

13. Earnings Per Share

 

The following table sets forth the computation of basic and diluted earnings per share:

 

 

 

Three months ended June 30,

 

 

 

2014

 

2013

 

Numerator:

 

 

 

 

 

Net earnings attributable to the Company

 

$

114

 

$

132

 

 

 

 

 

 

 

Denominator (in thousands):

 

 

 

 

 

Denominator for basic earnings per share - weighted average shares outstanding

 

164,906

 

164,369

 

Effect of dilutive securities:

 

 

 

 

 

Stock options and other

 

1,353

 

1,362

 

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

 

166,258

 

165,731

 

 

 

 

 

 

 

Basic earnings per share:

 

 

 

 

 

Earnings from continuing operations

 

$

0.81

 

$

0.82

 

Loss from discontinued operations

 

(0.12

)

(0.02

)

Net earnings

 

$

0.69

 

$

0.80

 

 

 

 

 

 

 

Diluted earnings per share:

 

 

 

 

 

Earnings from continuing operations

 

$

0.80

 

$

0.81

 

Loss from discontinued operations

 

(0.12

)

(0.02

)

Net earnings

 

$

0.68

 

$

0.79

 

 

Options to purchase 613,869 and 1,519,897 weighted average shares of common stock which were outstanding during the three months ended June 30, 2014 and 2013, 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,

 

 

 

2014

 

2013

 

Numerator:

 

 

 

 

 

Net earnings attributable to the Company

 

$

215

 

$

201

 

 

 

 

 

 

 

Denominator (in thousands):

 

 

 

 

 

Denominator for basic earnings per share - weighted average shares outstanding

 

164,833

 

164,220

 

Effect of dilutive securities:

 

 

 

 

 

Stock options and other

 

1,379

 

1,397

 

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

 

166,212

 

165,617

 

 

 

 

 

 

 

Basic earnings per share:

 

 

 

 

 

Earnings from continuing operations

 

$

1.43

 

$

1.30

 

Loss from discontinued operations

 

(0.13

)

(0.08

)

Net earnings

 

$

1.30

 

$

1.22

 

 

 

 

 

 

 

Diluted earnings per share:

 

 

 

 

 

Earnings from continuing operations

 

$

1.42

 

$

1.29

 

Loss from discontinued operations

 

(0.13

)

(0.08

)

Net earnings

 

$

1.29

 

$

1.21

 

 

Options to purchase 491,941 and 1,580,200 weighted average shares of common stock which were outstanding during the six months ended June 30, 2014 and 2013, 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, 2014 and 2013, 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.