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Earnings Per Share
 9 Months Ended
Sep. 30, 2014
Earnings Per Share  
Earnings Per Share

13. Earnings Per Share

 

The following tables set forth the computation of basic and diluted earnings per share:

 

 

 

Three months ended September 30,

 

 

 

2014

 

2013

 

Numerator:

 

 

 

 

 

Net earnings attributable to the Company

 

$

60

 

$

130

 

 

 

 

 

 

 

Denominator (in thousands):

 

 

 

 

 

Denominator for basic earnings per share - weighted average shares outstanding

 

164,798

 

164,546

 

Effect of dilutive securities:

 

 

 

 

 

Stock options and other

 

1,340

 

1,435

 

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

 

166,138

 

165,981

 

 

 

 

 

 

 

Basic earnings per share:

 

 

 

 

 

Earnings from continuing operations

 

$

0.37

 

$

0.80

 

Loss from discontinued operations

 

—

 

(0.01

)

Net earnings

 

$

0.37

 

$

0.79

 

 

 

 

 

 

 

Diluted earnings per share:

 

 

 

 

 

Earnings from continuing operations

 

$

0.37

 

$

0.79

 

Loss from discontinued operations

 

—

 

(0.01

)

Net earnings

 

$

0.37

 

$

0.78

 

 

Options to purchase 997,554 and 1,355,622 weighted average shares of common stock which were outstanding during the three months ended September 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.

 

 

 

Nine months ended September 30,

 

 

 

2014

 

2013

 

Numerator:

 

 

 

 

 

Net earnings attributable to the Company

 

$

275

 

$

331

 

 

 

 

 

 

 

Denominator (in thousands):

 

 

 

 

 

Denominator for basic earnings per share - weighted average shares outstanding

 

164,821

 

164,330

 

Effect of dilutive securities:

 

 

 

 

 

Stock options and other

 

1,366

 

1,409

 

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

 

166,187

 

165,739

 

 

 

 

 

 

 

Basic earnings per share:

 

 

 

 

 

Earnings from continuing operations

 

$

1.80

 

$

2.10

 

Loss from discontinued operations

 

(0.13

)

(0.09

)

Net earnings

 

$

1.67

 

$

2.01

 

 

 

 

 

 

 

Diluted earnings per share:

 

 

 

 

 

Earnings from continuing operations

 

$

1.79

 

$

2.08

 

Loss from discontinued operations

 

(0.13

)

(0.09

)

Net earnings

 

$

1.66

 

$

1.99

 

 

Options to purchase 660,479 and 1,505,341 weighted average shares of common stock which were outstanding during the nine months ended September 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 nine months ended September 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.