Note 9. Stockholders' Equity and Earnings Per Share

In November 2008, the Company's Board of Directors authorized a share repurchase program to acquire up to 3.0 million shares of the Company's outstanding common stock. During the six-month period ended June 30, 2011, the Company repurchased 72 thousand shares under this program at a total cost of $5.3 million.

The following table details the calculation of basic and diluted earnings per common share, and antidilutive equity-based awards outstanding not included in the computation of diluted earnings per common share, for the three and six-month periods ended June 30, 2011 and 2010 (shares in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2011		2010		2011		2010

Net income attributable to Gardner Denver	$	67,121	$	37,334	$	126,599	$	69,292
Weighted average shares of common stock outstanding:
Basic		52,285		52,399		52,246		52,275
Effect of stock-based compensation awards		399		403		416		421

Diluted		52,684		52,802		52,662		52,696

Earnings Per Share:
Basic	$	1.28	$	0.71	$	2.42	$	1.33

Diluted	$	1.27	$	0.71	$	2.40	$	1.31


Antidilutive equity-based awards outstanding		147		245		105		207

On April 20, 2011, the Company announced that it had reached an agreement with the minority shareholders of its two joint ventures in China, Shanghai CompAir Compressor Co. Ltd. and Shanghai CompAir-Dalong High Pressure Equipment Co. Ltd., to acquire all of their equity interests in these entities, representing 49 percent and 40 percent of the two entities, respectively. The purchase price of RMB 122.0 million (approximately $18.8 million based on exchange rates at the date of payment) was placed by the Company into escrow with the Shanghai United Assets and Equity Exchange during the second quarter of 2011 pending finalization of certain Chinese governmental approvals, and was recorded as a cash outflow from financing activities in the consolidated statements of cash flows. The transaction is currently expected to close during the third quarter of 2011 and will be accounted for by the Company as an equity transaction, at which time the non-controlling interests associated with these two joint ventures will be eliminated from the consolidated statements of operations and balance sheet.