Note 10. 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. As of March 31, 2012, there were 332 thousand shares available for purchase under this program.

In November 2011, the Company's Board of Directors authorized a share repurchase program to acquire up to 1.3 million shares of the Company's outstanding common stock plus an additional amount of common stock to offset dilution resulting from grants under the Company's equity compensation plans. The program is in addition to the Company's existing stock repurchase program announced in November 2008. During the three-month period ended March 31, 2012, the Company repurchased 124 thousand shares under this program at a total cost of $8.8 million to offset dilution resulting from grants under the Company's equity compensation plans. As of March 31, 2012, there were 1.3 million shares available for purchase under this program.

All common stock acquired under repurchase programs will be held as treasury stock and will be available for general corporate purposes.

Please refer to Note 16, "Subsequent Events" for information related to share repurchase activity occurring in April 2012 and the approval of an additional share repurchase program by the Company's Board of Directors.

The following table details the calculation of basic and diluted earnings per common share for the three-month periods ended March 31, 2012 and 2011 (shares in thousands):


	Three Months Ended March 31,
	2012		2011

Net income attributable to Gardner Denver	$	54,832	$	59,478
Weighted average shares of common stock outstanding:
Basic		50,638		52,207
Effect of stock-based compensation awards		299		427

Diluted		50,937		52,634

Earnings Per Share:
Basic	$	1.08	$	1.14

Diluted	$	1.08	$	1.13

For the three-month periods ended March 31, 2012 and 2011, respectively, equity-based awards to purchase 260 thousand and 82 thousand shares of common stock were outstanding but not included in the computation of diluted earnings per common share because their effect would have been anti-dilutive.