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Income from Continuing Operations Per Common Share
6 Months Ended
Sep. 30, 2011
Income From Continuing Operations Per Common Share [Abstract] 
INCOME FROM CONTINUING OPERATIONS PER COMMON SHARE
NOTE N — INCOME FROM CONTINUING OPERATIONS PER COMMON SHARE
Basic net income per common share excludes dilution and is calculated by dividing net income allocable to common shares by the weighted average number of common shares outstanding for the period. Diluted net income per common share is calculated by dividing net income allocable to common shares by the weighted average number of common shares at the balance sheet date, as adjusted for the potential dilutive effect of non-participating share-based awards.
The following table reconciles net income per common share for the three and six months ended September 30, 2011 and 2010.
                                 
    Three     Six  
    Months Ended     Months Ended  
    September 30,     September 30,  
    2011     2010     2011     2010  
    (in millions, except per share amounts)  
Basic income from continuing operations per common share:
                               
Income from continuing operations
  $ 236     $ 219     $ 464     $ 440  
Less: Income from continuing operations allocable to participating securities
    (3 )     (3 )     (6 )     (5 )
 
                       
Income from continuing operations allocable to common shares
  $ 233     $ 216     $ 458     $ 435  
 
                       
Weighted-average common shares outstanding
    493       507       497       508  
 
                               
Basic income from continuing operations per common share
  $ 0.47     $ 0.43     $ 0.92     $ 0.85  
 
                               
Diluted income from continuing operations per common share:
                               
Income from continuing operations
  $ 236     $ 219     $ 464     $ 440  
Less: Income from continuing operations allocable to participating securities
    (3 )     (3 )     (6 )     (5 )
 
                       
Income from continuing operations allocable to common shares
  $ 233     $ 216     $ 458     $ 435  
 
                       
 
                               
Weighted average shares outstanding and common share equivalents
                               
Weighted average common shares outstanding
    493       507       497       508  
Weighted average effect of share-based payment awards
    1       1       1       1  
 
                       
Denominator in calculation of diluted income per share
    494       508       498       509  
 
                       
 
                               
Diluted income from continuing operations per common share
  $ 0.47     $ 0.43     $ 0.92     $ 0.85  
For the three months ended September 30, 2011 and 2010, respectively, approximately 9 million and 8 million shares of Company common stock underlying restricted stock awards and options to purchase common stock were excluded from the calculation because their effect on income per share was anti-dilutive during the respective periods.
For the six months ended September 30, 2011 and 2010, respectively, approximately 5 million and 9 million restricted stock awards and options to purchase common stock were excluded from the calculation because their effect on income per share was anti-dilutive during the respective periods.
Weighted average restricted stock awards of approximately 6 million and 6 million for the three and six months ended September 30, 2011 and 2010, respectively, were considered participating securities in the calculation of net income available to common shareholders.