Earnings Per Share

6 Months Ended

Jun. 30, 2012

Earnings Per Share

Earnings Per Share

The following table reconciles net earnings attributable to common shareowners and the weighted-average shares outstanding used to calculate basic and diluted earnings per share for the three and six months ended June 30, 2012 and July 2, 2011:

	Second Quarter					Year-to-Date
	2012		2011			2012		2011
Numerator (in millions):
Net earnings from continuing operations attributable to common shareowners	$	154.8	$	197.6		$	276.6	$	355.0
Net (loss) earnings from discontinued operations	—		(0.3		)	—		1.0
Net earnings attributable to common shareowners	$	154.8	$	197.3		$	276.6	$	356.0
Less earnings attributable to participating restricted stock units (“RSU’s”) (a)	—		0.4			—		0.8
Net Earnings — basic	$	154.8	$	196.9		$	276.6	$	355.2
Net Earnings — dilutive	$	154.8	$	197.3		$	276.6	$	356.0

(a) Due to the delivery of a significant portion of the outstanding participating RSU’s in 2011, the earnings attributable to any remaining participating RSU’s in 2012 is deemed de minimus.

	Second Quarter				Year-to-Date
	2012		2011		2012		2011
Denominator (in thousands):
Basic earnings per share — weighted-average shares (a)	164,082		168,119		164,162		167,679
Dilutive effect of stock options, awards and convertible preferred units and notes	3,839		4,956		3,996		4,750
Diluted earnings per share — weighted-average shares	167,921		173,075		168,158		172,429
Earnings per share of common stock:
Basic earnings per share of common stock:
Continuing operations	$	0.94	$	1.17	$	1.68	$	2.11
Discontinued operations	—		—		—		0.01
Total basic earnings per share of common stock	$	0.94	$	1.17	$	1.68	$	2.12
Diluted earnings per share of common stock:
Continuing operations	$	0.92	$	1.14	$	1.64	$	2.06
Discontinued operations	—		—		—		0.01
Total dilutive earnings per share of common stock	$	0.92	$	1.14	$	1.64	$	2.06

(a) The Company repurchased three million shares of common stock during the second quarter of 2012 for $200 million.

The following weighted-average stock options and warrants were outstanding during the three and six months ended June 30, 2012 and July 2, 2011, respectively, but were not included in the computation of diluted shares outstanding because the effect would be anti-dilutive (in thousands):

	Second Quarter		Year-to-Date
	2012	2011	2012	2011
Number of stock options	1,900	1,146	2,042	1,518
Number of stock warrants	4,939	4,939	4,939	4,939

The Company has warrants outstanding, which entitle the holder to purchase up to 4,938,624 shares of its common stock with a strike price of $85.67. These warrants are anti-dilutive, as the strike price is greater than the market price of the Company’s common stock.