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Earnings Per Share
 9 Months Ended
Sep. 30, 2012
Earnings Per Share [Abstract]  
Earnings Per Share
Note 4. Earnings Per Share
Basic and diluted earnings per share were computed based on net earnings. The weighted average number of common shares outstanding during the period was used in the calculation of basic earnings per share. This number of shares was increased by contingent shares that could be issued under various compensation plans as well as by the dilutive effect of stock options based on the treasury stock method in the calculation of diluted earnings per share.
For third quarter and first nine months of 2012, 529,240 and 264,620 stock options were excluded in the computation of diluted earnings per share because they had exercise prices that were greater than the average market price of the Company’s common stock during the respective periods. For third quarter and first nine months of 2011, 425,530 and 212,765 stock options were excluded in the computation of diluted earnings per share because they had exercise prices that were greater than the average market price of the Company’s common stock during the respective periods. The following table sets forth the computations of basic and diluted earnings per share (amounts in millions, except per share data):
 
Third Quarter
 
Nine Months
 
2012
 
2011
 
2012
 
2011
Net income from continuing operations
$
42.7

 
$
34.1

 
$
117.9

 
$
105.3

Gain from discontinued operations, net of income taxes
—

 
—

 
—

 
113.1

Net income attributable to Teledyne
$
42.7

 
$
34.1

 
$
117.9

 
$
218.4

Basic earnings per common share:
 
 
 
 
 
 
 
Weighted average common shares outstanding
36.7

 
36.7

 
36.6

 
36.6

Basic earnings per common share
 
 
 
 
 
 
 
— Continuing operations
$
1.16

 
$
0.93

 
$
3.22

 
$
2.88

— Discontinued operations
—

 
—

 
—

 
3.09

Basic earnings per common share
$
1.16

 
$
0.93

 
$
3.22

 
$
5.97

Diluted earnings per share:
 
 
 
 
 
 
 
Weighted average common shares outstanding
36.7

 
36.7

 
36.6

 
36.6

Dilutive effect of exercise of options outstanding
0.7

 
0.7

 
0.7

 
0.7

Weighted average diluted common shares outstanding
37.4

 
37.4

 
37.3

 
37.3

Diluted earnings per common share
 
 
 
 
 
 
 
— Continuing operations
$
1.14

 
$
0.91

 
$
3.16

 
$
2.82

— Discontinued operations
—

 
—

 
—

 
3.03

Diluted earnings per common share
$
1.14

 
$
0.91

 
$
3.16

 
$
5.85