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Per Share Data
9 Months Ended
Sep. 30, 2012
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 non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and should be included in the computation.
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 EPS 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 EPS 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)
2012

 
2011

 
2012

 
2011

Net income from continuing operations
$
246

 
$
133

 
$
939

 
$
738

Less: Net income attributable to non-controlling interests
6

 
5

 
21

 
18

Net income from continuing operations attributable to the Company
240

 
128

 
918

 
720

Less: Portion attributable to participating securities

 
1

 
2

 
5

Net income attributable to common shares for basic earnings per share
$
240

 
$
127

 
$
916

 
$
715

Basic weighted average common shares outstanding
544

 
540

 
544

 
543


Basic EPS Calculation - Net Income
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
(In millions, except per share figures)
2012

 
2011

 
2012

 
2011

Net income attributable to the Company
$
241

 
$
130

 
$
917

 
$
737

Less: Portion attributable to participating securities

 
1

 
2

 
5

Net income attributable to common shares for basic earnings per share
$
241

 
$
129

 
$
915

 
$
732

Basic weighted average common shares outstanding
544

 
540

 
544

 
543


Diluted EPS Calculation - Continuing Operations
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
(In millions, except per share figures)
2012

 
2011

 
2012

 
2011

Net income from continuing operations
$
246

 
$
133

 
$
939

 
$
738

Less: Net income attributable to non-controlling interests
6

 
5

 
21

 
18

Net income from continuing operations attributable to the Company
240

 
128

 
918

 
720

Less: Portion attributable to participating securities

 
1

 
2

 
5

Net income attributable to common shares for diluted earnings per share
$
240

 
$
127

 
$
916

 
$
715

Basic weighted average common shares outstanding
544

 
540

 
544

 
543

Dilutive effect of potentially issuable common shares
8

 
9

 
8

 
9

Diluted weighted average common shares outstanding
552

 
549

 
552

 
552

Average stock price used to calculate common stock equivalents
$
33.53

 
$
28.87

 
$
32.60

 
$
29.27


Diluted EPS Calculation - Net Income
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
(In millions, except per share figures)
2012

 
2011

 
2012

 
2011

Net income attributable to the Company
$
241

 
$
130

 
$
917

 
$
737

Less: Portion attributable to participating securities

 
1

 
2

 
5

Net income attributable to common shares for diluted earnings per share
$
241

 
$
129

 
$
915

 
$
732

Basic weighted average common shares outstanding
544

 
540

 
544

 
543

Dilutive effect of potentially issuable common shares
8

 
9

 
8

 
9

Diluted weighted average common shares outstanding
552

 
549

 
552

 
552

Average stock price used to calculate common stock equivalents
$
33.53

 
$
28.87

 
$
32.60

 
$
29.27


There were 35.1 million and 40.5 million stock options outstanding as of September 30, 2012 and 2011, respectively.