Earnings Per Share

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Net income from continuing operations	$	235	$	178	$	556	$	439
Net income attributable to noncontrolling interests		13		3		29		3
Net income from continuing operations attributable to Cameron		222		175		527		436
Income from discontinued operations, net of taxes		3		14		31		42
Net income attributable to Cameron	$	225	$	189	$	558	$	478
Average shares outstanding (basic)		201		243		207		246
Common stock equivalents		2		1		1		1
Diluted shares		203		244		208		247
Basic earnings per share:
Continuing operations	$	1.11	$	.72	$	2.55	$	1.78
Discontinued operations		.01		.06		.15		.17
Basic earnings per share	$	1.12	$	.78	$	2.70	$	1.95
Diluted earnings per share:
Continuing operations	$	1.10	$	.72	$	2.53	$	1.77
Discontinued operations		.01		.06		.15		.17
Diluted earnings per share	$	1.11	$	.78	$	2.68	$	1.94

Activity in the Company's treasury shares were as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Treasury shares at beginning of period		60,027,350			17,001,730			41,683,164			16,415,336
Purchases of treasury shares		4,915,044			7,677,282			24,588,815			9,790,737
Net change in treasury shares owned by participants in nonqualified deferred compensation plans		(1,440	)		3,052			36,708			55,159
Treasury shares issued in satisfaction of stock option exercises and vesting of restricted stock units		(132,881	)		(60,537	)		(1,500,614	)		(1,639,705	)
Treasury shares at end of period		64,808,073			24,621,527			64,808,073			24,621,527

The average cost of treasury shares acquired for the three- and nine-month periods ended September 30, 2014 was $71.43 and $63.38, respectively.  The average cost of treasury shares acquired for the three- and nine-month periods ended September 30, 2013 was $58.04 and $58.84, respectively. 

The Company has an authorized stock repurchase program whereby 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.  The program, initiated in October 2011, has had a series of authorizations by the Board of Directors totaling $3.8 billion since inception.  At September 30, 2014, the Company had remaining authority for future stock purchases totaling approximately $665 million.