Annual report pursuant to Section 13 and 15(d)

EARNINGS PER SHARE

v2.4.0.6
EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2011
EARNINGS PER SHARE

NOTE 14. EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share (in millions, except per share amounts):

 

     2011      2010      2009  

Numerator:

         

Net income attributable to common shareowners

    $ 3,804       $ 3,338       $ 1,968   
  

 

 

     

 

 

     

 

 

  

Denominator:

         

Weighted average shares

      977         991         995   

Deferred compensation obligations

      2         2         2   

Vested portion of restricted shares

      2         1         1   
  

 

 

     

 

 

     

 

 

  

Denominator for basic earnings per share

      981         994         998   
  

 

 

     

 

 

     

 

 

  

Effect of dilutive securities:

         

Restricted performance units

      3         3         2   

Restricted stock units

      6         6         4   

Stock options

      1         —           —     
  

 

 

     

 

 

     

 

 

  

Denominator for diluted earnings per share

      991         1,003         1,004   
  

 

 

     

 

 

     

 

 

  

Basic earnings per share

    $ 3.88       $ 3.36       $ 1.97   
  

 

 

     

 

 

     

 

 

  

Diluted earnings per share

    $ 3.84       $ 3.33       $ 1.96   
  

 

 

     

 

 

     

 

 

  

Diluted earnings per share for the years ended December 31, 2011, 2010, and 2009 exclude the effect of 7.4, 11.1 and 17.4 million shares, respectively, of common stock that may be issued upon the exercise of employee stock options because such effect would be antidilutive.