XML 43 R17.htm IDEA: XBRL DOCUMENT v2.4.0.8
Earnings Per Share
 3 Months Ended
Mar. 31, 2014
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
March 31,
 
 
 
2014
  
2013
 
 
 
  
 
Net income from continuing operations
 
$
121.7
  
$
146.4
 
Net income attributable to noncontrolling interests
  
5.0
   
–
 
Net income from continuing operations attributable to Cameron 
  
116.7
   
146.4
 
Income (loss) from discontinued operations, net of taxes
  
(5.6
)
  
1.9
 
Net income attributable to Cameron
 
$
111.1
  
$
148.3
 
 
        
Average shares outstanding (basic)
  
214.9
   
247.5
 
Common stock equivalents
  
1.3
   
1.5
 
Diluted shares
  
216.2
   
249.0
 
 
        
Basic earnings (loss) per share:
        
Continuing operations
 
$
0.54
  
$
0.59
 
Discontinued operations
  
(0.03
)
  
0.01
 
 
 
$
0.51
  
$
0.60
 
 
        
Diluted earnings (loss) per share:
        
Continuing operations
 
$
0.54
  
$
0.59
 
Discontinued operations
  
(0.03
)
  
0.01
 
 
 
$
0.51
  
$
0.60
 

The Company's Board of Directors has given management the authority to purchase the Company's common stock.  Under this authorization, which was increased by $500.0 million in February 2014, the Company may purchase shares directly or indirectly by way of open market transactions or structured programs, including the use of derivatives, for the Company's own account or through commercial banks or financial institutions.  At March 31, 2014, the Company had remaining authority for future stock purchases totaling approximately $420.5 million.

The average cost of treasury shares acquired for the three-month periods ended March 31, 2014 and 2013 was $60.91 and $63.84, respectively.  Total treasury share purchases during the three months ended March 31, 2014 and 2013 were 15,198,264 and 613,453, respectively.  Treasury shares issued in satisfaction of stock option exercises and vesting of restricted stock units during the three months ended March 31, 2014 and 2013 were 770,393 and 1,313,132, respectively.  Remaining activity in treasury shares involved the Company's nonqualified deferred compensation plans.