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Per Share Data
9 Months Ended
Sep. 30, 2011
Per Share Data [Abstract] 
Per Share Data
Per Share Data
Under the accounting guidance which applies to the calculation of earnings per share (“EPS”) for share-based payment awards with rights to dividends or dividend equivalents, unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and should be included in the computation of basic and dilutive EPS using the two-class method.
Basic net income per share attributable to the Company and income from continuing operations per share are calculated by dividing the respective after-tax income attributable to common shares by the weighted average number of outstanding shares of the Company’s common stock.
Diluted net income per share attributable to the Company and income from continuing operations per share are calculated by dividing the respective after-tax income attributable to common shares by the weighted average number of outstanding shares of the Company’s common stock, which have been adjusted for the dilutive effect of potentially issuable common shares (excluding those that are considered participating securities). The diluted earnings per share calculation reflects the more dilutive effect of either (a) the two-class method that assumes that the participating securities have not been exercised or (b) the treasury stock method. Reconciliation of the applicable income components used for diluted earnings per share and basic weighted average common shares outstanding to diluted weighted average common shares outstanding is presented below.
 
Basic EPS Calculation
Continuing Operations
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
(In millions, except per share figures)
2011

 
2010

 
2011

 
2010

Net income from continuing operations
$
133

 
$
128

 
$
738

 
$
373

Less: Net income attributable to non-controlling interests
5

 
3

 
18

 
13

Net income from continuing operations attributable to the Company
128

 
125

 
720

 
360

Less: Portion attributable to participating securities
1

 
3

 
5

 
7

Net income attributable to common shares for basic earnings per share
$
127

 
$
122

 
$
715

 
$
353

Basic weighted average common shares outstanding
540

 
543

 
543

 
539


Basic EPS Calculation
Net Income
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
(In millions, except per share figures)
2011

 
2010

 
2011

 
2010

Net income attributable to the Company
$
130

 
$
168

 
$
737

 
$
652

Less: Portion attributable to participating securities
1

 
3

 
5

 
11

Net income attributable to common shares for basic earnings per share
$
129

 
$
165

 
$
732

 
$
641

Basic weighted average common shares outstanding
540

 
543

 
543

 
539


Diluted EPS Calculation
Continuing Operations
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
(In millions, except per share figures)
2011

 
2010

 
2011

 
2010

Net income from continuing operations
$
133

 
$
128

 
$
738

 
$
373

Less: Net income attributable to non-controlling interests
5

 
3

 
18

 
13

Net income from continuing operations attributable to the Company
128

 
125

 
720

 
360

Less: Portion attributable to participating securities
1

 
3

 
5

 
7

Net income attributable to common shares for diluted earnings per share
$
127

 
$
122

 
$
715

 
$
353

Basic weighted average common shares outstanding
540

 
543

 
543

 
539

Dilutive effect of potentially issuable common shares
9

 
5

 
9

 
4

Diluted weighted average common shares outstanding
549

 
548

 
552

 
543

Average stock price used to calculate common stock equivalents
$
28.87

 
$
23.58

 
$
29.27

 
$
23.19


Diluted EPS Calculation
Net Income
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
(In millions, except per share figures)
2011

 
2010

 
2011

 
2010

Net income attributable to the Company
$
130

 
$
168

 
$
737

 
$
652

Less: Portion attributable to participating securities
1

 
3

 
5

 
11

Net income attributable to common shares for diluted earnings per share
$
129

 
$
165

 
$
732

 
$
641

Basic weighted average common shares outstanding
540

 
543

 
543

 
539

Dilutive effect of potentially issuable common shares
9

 
5

 
9

 
4

Diluted weighted average common shares outstanding
549

 
548

 
552

 
543

Average stock price used to calculate common stock equivalents
$
28.87

 
$
23.58

 
$
29.27

 
$
23.19


There were 40.5 million and 44.1 million stock options outstanding as of September 30, 2011 and 2010, respectively.