(4) EARNINGS PER SHARE AND SHAREHOLDERS' EQUITY

Earnings per Share

The following is a reconciliation of the numerator and denominator of the basic and diluted earnings per share (EPS) computations:


			Continuing Operations					Discontinued Operations				Total
Three Months Ended June 30, 2011	Shares		Income		Per Share Amount			Income		Per Share Amount		Per Share Amount
Basic EPS		120.7	$	31.7	$	0.26		$	—	$	—	$	0.26
Effect of dilutive securities:
Stock-based compensation arrangements		2.2		—		—			—		—		—
Convertible Debt		1.2		—		—			—		—

Diluted EPS		124.1	$	31.7	$	0.26		$	—	$	—	$	0.26


Six Months Ended June 30, 2011
Basic EPS		121.4	$	66.6	$	0.55		$	—	$	—	$	0.55
Effect of dilutive securities:
Stock-based compensation arrangements		2.2		—		(0.01	)		—		—		(0.01	)
Convertible Debt		1.2		—		(0.01	)		—		—		(0.01	)

Diluted EPS		124.8	$	66.6	$	0.53		$	—	$	—	$	0.53


Three Months Ended June 30, 2010
Basic EPS		123.9	$	11.2	$	0.09		$	16.2	$	0.13	$	0.22
Effect of dilutive securities:
Stock-based compensation arrangements		2.1		—		—			—		—		—

Diluted EPS		126.0	$	11.2	$	0.09		$	16.2	$	0.13	$	0.22


Six Months Ended June 30, 2010
Basic EPS		123.6	$	36.8	$	0.30		$	25.9	$	0.21	$	0.51
Effect of dilutive securities:
Stock-based compensation arrangements		2.4		—		(0.01	)		—				(0.01	)

Diluted EPS		126.0	$	36.8	$	0.29		$	25.9	$	0.21	$	0.50

The diluted EPS calculation for the three and six months ended June 30, 2011 excluded the effect of 3.9 million outstanding stock options, and for the three and six months ended June 30, 2010 excluded the effect of 5.7 million outstanding stock options, respectively, because their effect is anti-dilutive. As described more fully in Note 9, the Company issued approximately $125.0 aggregate principal amount of 5.75% Junior Subordinated Convertible Debentures due 2029 (2029 Convertible Debentures). The 2029 Convertible Debentures are convertible, subject to certain conditions, into shares of the Company's common stock at an initial conversion price of approximately $12.07 per share, or 82.82 shares per one thousand in principal amount of debentures. There were 1.2 million dilutive shares related to the 2029 Convertible Debentures for the three and six months ended June 30, 2011.

Shareholders' Equity

The Company repurchased 1.5 million shares during the three months ended June 30, 2011 at an average price of $13.14 per share for a total of $19.5, and 2.9 million shares during the six months ended June 30, 2011 at an average price of $13.46 for a total of $38.7. As of June 30, 2011, the Company has the authority to repurchase 1.8 million additional common shares pursuant to current authorizations.