Earnings Per Share

9 Months Ended

Sep. 30, 2012

Earnings Per Share [Abstract]

Earnings Per Share

Note 11: Earnings Per Share

The calculation of basic and diluted earnings per share for each period presented was as follows (dollars and shares in millions, except per share amounts):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2012		2011		2012		2011
Net income	$	223.6	$	164.5	$	532.2	$	422.1
Average shares outstanding (basic)		246.4		245.1		246.3		244.9
Common stock equivalents		1.7		2.0		1.7		2.1
Incremental shares from assumed conversion of convertible debentures		–		–		–		2.8
Diluted shares		248.1		247.1		248.0		249.8
Basic earnings per share	$	0.91	$	0.67	$	2.16	$	1.72
Diluted earnings per share	$	0.90	$	0.67	$	2.15	$	1.69

The Company's 2.5% Convertible Debentures were included in the calculation of diluted earnings per share for the nine months ended September 30, 2011, since the average market price of the Company's common stock exceeded the conversion value of the debentures during that period. See the Company's Annual Report on Form 10-K for the year ended December 31, 2011 for further information.

During the three and nine months ended September 30, 2012, the Company acquired 100,000 and 257,200 treasury shares at an average cost of $55.95 and $51.05 per share, respectively.  No treasury shares were acquired during the three and nine months ended September 30, 2011.  A total of 488,210 and 1,385,789 treasury shares were issued during the three and nine months ended September 30, 2012, respectively, in satisfaction of stock option exercises and vesting of restricted stock units.