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Per Share Data
9 Months Ended
Sep. 30, 2013
Earnings Per Share [Abstract]  
Per Share Data
Per Share Data
From 2009 through 2012, the Company used the two-class method to compute basic and diluted earnings per share ("EPS"). Under the accounting guidance which applies to the calculation of 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 of basic and dilutive EPS using the two-class method.
In the first quarter of 2013, the share-based payment awards with non-forfeitable rights to dividends became fully vested. As a result, the Company is no longer required to use the two-class method and in the first quarter of 2013 used the treasury stock method to calculate EPS. There was no difference in the earnings per share calculations when comparing the two-class method to the treasury stock method in any quarter of 2012. Therefore, the prior period information in the chart below shows the earnings per share calculation using the treasury stock method, consistent with current year presentation.
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 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 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. Reconciliations of the applicable income components used for diluted EPS - Continuing operations and basic weighted average common shares outstanding to diluted weighted average common shares outstanding are presented below. The reconciling items related to the calculation of diluted weighted average common shares outstanding are the same for net income attributable to the Company.
 
Basic and Diluted EPS Calculation - Continuing Operations
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
(In millions, except per share figures)
2013

 
2012

 
2013

 
2012

Net income from continuing operations
$
260

 
$
246

 
$
1,072

 
$
939

Less: Net income attributable to non-controlling interests
6

 
6

 
24

 
21

 
$
254

 
$
240

 
$
1,048

 
$
918

Basic weighted average common shares outstanding
549

 
544

 
549

 
544

Dilutive effect of potentially issuable common shares
9

 
8

 
9

 
8

Diluted weighted average common shares outstanding
558

 
552

 
558

 
552

Average stock price used to calculate common stock equivalents
$
42.08

 
$
33.53

 
$
39.15

 
$
32.60


There were 24.9 million and 35.1 million stock options outstanding as of September 30, 2013 and 2012, respectively.