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 June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
Net income	$	148.0	$	129.2	$	257.6	$	249.6

Average shares outstanding (basic)		245.0		242.9		244.8		243.6
Common stock equivalents		1.9		2.2		2.2		2.4
Incremental shares from assumed conversion of convertible debentures		3.0		1.3		4.1		1.7
Diluted shares		249.9		246.4		251.1		247.7

Basic earnings per share	$	0.60	$	0.53	$	1.05	$	1.02
Diluted earnings per share	$	0.59	$	0.52	$	1.03	$	1.01

The Company's 2.5% Convertible Debentures were included in the calculation of diluted earnings per share for the three- and six-months ended June 30, 2011 and 2010 since the average market price of the Company's common stock exceeded the conversion value of the debentures during those periods.

No treasury shares were acquired during the three- and six-months ended June 30, 2011. During the three- and six-month periods ended June 30, 2010, the Company acquired 2,176,705 and 3,176,705 treasury shares at an average cost of $37.59 and $39.05, respectively. A total of 65,741 and 1,151,674 treasury shares were issued during the three- and six-months ended June 30, 2011, respectively in satisfaction of stock option exercises and vesting of restricted stock units.