Earning Per Common Share

6 Months Ended

Jun. 30, 2012

Earning Per Common Share [Abstract]

Earnings Per Common Share

M. Reconciliations of the numerators and denominators used in the computations of basic and diluted earnings per common share were as follows, in millions:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2012			2011			2012			2011
Numerator (basic and diluted):
(Loss) income from continuing operations	$	(57	)	$	14		$	(19	)	$	(27	)
Allocation to unvested restricted stock awards		(1	)		(1	)		(1	)		(2	)
(Loss) income from continuing operations attributable to common shareholders		(58	)		13			(20	)		(29	)
Loss from discontinued operations		(18	)		(6	)		(23	)		(11	)
Net (loss) income available to Common shareholders	$	(76	)	$	7		$	(43	)	$	(40	)
Denominator:
Basic common shares (based upon weighted average)		349			348			349			348
Add:
Contingent common shares		—			—			—			—
Stock option dilution		—			1			—			—
Diluted common shares		349			349			349			348

For the three months and six months ended June 30, 2012 and 2011, the Company allocated dividends to the unvested restricted stock awards (participating securities).

At June 30, 2011, the Company did not include any common shares related to the Zero Coupon Convertible Senior Notes (“Zero Coupon Notes”) in the calculation of diluted earnings per common share, as the price of the Company’s common stock at June 30, 2011 did not exceed the equivalent accreted value of the Zero Coupon Notes.

Additionally, 34 million common shares for both the three months and six months ended June 30, 2012 and 36 million common shares and 37 million common shares, respectively, for the three months and six months ended June 30, 2011 related to stock options were excluded from the computation of diluted earnings per common share due to their antidilutive effect.

In the first six months of 2012, the Company granted 761,720 shares of long-term stock awards; to offset the dilutive impact of these awards, the Company also repurchased and retired 675,110 shares of Company common stock, for cash aggregating approximately $8 million. At June 30, 2012, the Company had 24 million shares of its common stock remaining under the July 2007 Board of Directors’ repurchase authorization.

On the basis of amounts paid (declared), cash dividends per common share were $.075 ($.075) and $.15 ($.15), respectively for the three months and six months ended June 30, 2012 and $.075 ($.075) and $.15 ($.15), respectively, for the three months and six months ended June 30, 2011.