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Earnings Per Share | 12 Months Ended
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Dec. 31, 2015
Earnings Per Share |
Earnings Per Share | 17. Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share:
|  | 2015 |  | 2014 |  | 2013 |
|  | (restated(1)) |  | (restated(1)) |  | (restated(1)) |
Numerator: |  |  |  |  |  |  |  |  |  |
Net earnings attributable to the Company |  | $ | 135 |  | $ | 164 |  | $ | 317 |
Denominator (in thousands): |  |  |  |  |  |  |  |  |  |
Denominator for basic earnings per share-weighted average shares outstanding |  |  | 161,169 |  |  | 164,720 |  |  | 164,425 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |
Stock options and other |  |  | 966 |  |  | 1,327 |  |  | 1,403 |
Denominator for diluted earnings per share-adjusted weighted average shares outstanding |  |  | 162,135 |  |  | 166,047 |  |  | 165,828 |
Basic earnings per share: |  |  |  |  |  |  |  |  |  |
Earnings from continuing operations |  | $ | 0.86 |  | $ | 1.14 |  | $ | 2.03 |
Loss from discontinued operations |  |  | (0.03) |  |  | (0.14) |  |  | (0.11) |
Net earnings |  | $ | 0.83 |  | $ | 1.00 |  | $ | 1.92 |
Diluted earnings per share: |  |  |  |  |  |  |  |  |  |
Earnings from continuing operations |  | $ | 0.85 |  | $ | 1.13 |  | $ | 2.02 |
Loss from discontinued operations |  |  | (0.03) |  |  | (0.14) |  |  | (0.11) |
Net earnings |  | $ | 0.82 |  | $ | 0.99 |  | $ | 1.91 |
| (1) |  | See Note 1 for restatement information.
Options to purchase 1,937,315, 1,143,933 and 1,315,216 weighted average shares of common stock which were outstanding during 2015, 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. On February 4, 2015, the Company entered into an accelerated share repurchase agreement (“ASR”) with J.P. Morgan Securities LLC (the “ASR Counterparty”) to repurchase $100 million of its common stock. The Company advanced $100 million to the ASR Counterparty on February 5, 2015, and received 3,509,496 shares, which represented eighty five percent of the total shares as calculated using the closing price on February 4, 2015. The remaining share settlement was received from the ASR Counterparty in the amount of 599,760 shares and was completed on May 26, 2015 based on the daily volume-weighted average price of the Company’s common stock during the term of the ASR. Under the terms of the ASR program, the ASR Counterparty was permitted, in accordance with the applicable requirements of the federal securities laws, to separately trade in the Company’s shares.

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