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Earnings Per Share
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3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2015
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share | Earnings Per Share
The total number of potential shares of common stock excluded from the diluted earnings per share computation because their inclusion would have been anti-dilutive was 6.1 million and 13.5 million shares for the three-month periods ended March 31, 2015 and 2014, respectively. Stock Split: See Note 1. Share Repurchase Program: As part of the management of our share repurchase program, we may, from time to time, sell put options on our common stock with strike prices that we believe represent an attractive price to purchase our shares. If the trading price of our shares exceeds the strike price of the put option at the time the option expires, we will have economically reduced the cost of our share repurchase program by the amount of the premium we received from the sale of the put option. If the trading price of our stock is below the strike price of the put option at the time the option expires, we would purchase the shares covered by the option at the strike price of the put option. During the three-month period ended March 31, 2015, we sold put options on $400.0 million notional amount of shares of our common stock, which expired unexercised in March 2015, and recorded a gain from the premium of $3.9 million, which was recorded on the Consolidated Statements of Income in other income (expense), net. During the three-month period ended March 31, 2014, we recorded a gain of $2.4 million from selling put options on our common stock. At March 31, 2015, we had no outstanding put options. We have purchased 9.5 million shares of common stock under the share repurchase program from all sources at a total cost of $1.127 billion during the three-month period ended March 31, 2015. As of March 31, 2015, we had a remaining share repurchase authorization of $2.014 billion. |
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