Income from Continuing Operations Per Common Share

9 Months Ended

Dec. 31, 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 presents basic and diluted income from continuing operations per common share information for the three and nine months ended December 31, 2011 and 2010.

	Three Months Ended December 31,						Nine Months Ended December  31,
	2011			2010			2011			2010
	(in millions, except per share amounts)
Basic income from continuing operations per common share:
Income from continuing operations	$	263		$	196		$	727		$	636
Less: Income from continuing operations allocable to participating securities		(3	)		(2	)		(9	)		(7	)
Income from continuing operations allocable to common shares	$	260		$	194		$	718		$	629
Weighted-average common shares outstanding		483			505			492			507
Basic income from continuing operations per common share	$	0.54		$	0.38		$	1.46		$	1.24
Diluted income from continuing operations per common share:
Income from continuing operations	$	263		$	196		$	727		$	636
Less: Income from continuing operations allocable to participating securities		(3	)		(2	)		(9	)		(7	)
Income from continuing operations allocable to common shares	$	260		$	194		$	718		$	629
Weighted average shares outstanding and common share equivalents
Weighted average common shares outstanding		483			505			492			507
Weighted average effect of share-based payment awards		1			1			1			1
Denominator in calculation of diluted income per share		484			506			493			508
Diluted income from continuing operations per common share	$	0.54		$	0.38		$	1.46		$	1.24

For the three months ended December 31, 2011 and 2010, respectively, approximately 6 million and 5 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 nine months ended December 31, 2011 and 2010, respectively, approximately 6 million and 8 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 nine months ended December 31, 2011 and 2010, respectively, were considered participating securities in the calculation of net income available to common stockholders.