Earnings Per Share

9 Months Ended

Sep. 30, 2011

Note 6. Earnings Per Share

The details of the earnings per share calculations for the three and nine months ended September 30, 2011 and 2010 are as follows:

		Three Months Ended				Nine Months Ended
		September 30				September 30
Basic		2011		2010		2011		2010

Income from continuing operations less net
income attributable to the noncontrolling interest	$	685	$	579	$	2,168	$	1,600
Income from discontinued operations		177		19		209		53
Net income attributable to Honeywell		862		598		2,377		1,653

Weighted average shares outstanding		778.2		776.5		782.9		770.6

Earnings per share of common stock
Income from continuing operations		0.88		0.75		2.77		2.08
Income from discontinued operations		0.23		0.02		0.27		0.07
Net income attributable to Honeywell	$	1.11	$	0.77	$	3.04	$	2.15


		Three Months Ended				Nine Months Ended
		September 30				September 30
Assuming Dilution		2011		2010		2011		2010

Income from continuing operations less net
income attributable to the noncontrolling interest	$	685	$	579	$	2,168	$	1,600
Income from discontinued operations		177		19		209		53
Net income attributable to Honeywell		862		598		2,377		1,653

Average Shares
Weighted average shares outstanding		778.2		776.5		782.9		770.6
Dilutive securities issuable - stock plans		8.7		6.3		11.1		6.7
Total weighted average shares outstanding		786.9		782.8		794.0		777.3

Earnings per share of common stock
Income from continuing operations		0.87		0.74		2.73		2.06
Income from discontinued operations		0.23		0.02		0.26		0.07
Net income attributable to Honeywell	$	1.10	$	0.76	$	2.99	$	2.13

The diluted earnings per share calculations exclude the effect of stock options when the options' assumed proceeds exceed the average market price of the common shares during the period. For the three and nine months ended September 30, 2011, the weighted average number of stock options excluded from the computations were 11.6 and 8.9 million, respectively. For the three and nine months ended September 30, 2010, the weighted average number of stock options excluded from the computations were 21.7 and 18.3 million, respectively. These stock options were outstanding at the end of each of the respective periods.