Exhibit 11
Statements Re: Computation Of Per Share Earnings
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
(In millions) | 2008 | 2007 | 2008 | 2007 | ||||||||||||
Numerator: | ||||||||||||||||
Net income—basic and diluted | $ | 63 | $ | 351 | $ | 21 | $ | 545 | ||||||||
Denominator: | ||||||||||||||||
Weighted-average common shares outstanding | 164,530,659 | 171,712,547 | 163,921,532 | 172,178,180 | ||||||||||||
Effect of stock based awards | 513,804 | 1,711,025 | 679,930 | 1,693,432 | ||||||||||||
Adjusted weighted-average shares | 165,044,463 | 173,423,572 | 164,601,462 | 173,871,612 | ||||||||||||
Earnings per share: | ||||||||||||||||
Basic | $ | 0.38 | $ | 2.04 | $ | 0.13 | $ | 3.16 | ||||||||
Diluted | 0.38 | 2.02 | 0.13 | 3.13 | ||||||||||||
Number of anti-dilutive stock based awards | 6,492,284 | 1,889,148 | 5,417,396 | 2,088,248 | ||||||||||||
Exercise price of anti-dilutive stock based awards | $ | 34.96-45.26 | $ | 44.79-45.26 | $ | 36.41-45.26 | $ | 44.79-45.26 |
Certain stock-based compensation awards were not included in the computation of diluted earnings per share for the three- and six-month periods ended June 30, 2008 and 2007, since inclusion of these awards would have anti-dilutive effects.