The
Academy Award-winning actor and producer was toasted Thursday night by
friends, directors, actors and his dad, Kirk Douglas, during the 37th
AFI Life Achievement Award ceremony at Sony Pictures Studios in Los
Angeles. The event will air on TV Land at 9 p.m. ET/PT July 19.

"I
keep running over the list (of past winners) to make sure I'm of that
same arc," he said from the red carpet. "It's a reality check. I'm not
a person who is reflective, but it's given me a chance to think about
stuff."

Douglas was a producer of One Flew Over The Cuckoo's Nest, which won a best-picture Oscar, and he received the best-actor prize for starring in Wall Street.

Douglas's
wife, Catherine Zeta-Jones, said they are looking for a project in
which to co-star, "but we wouldn't play husband and wife. I think
that's a bit weird and a little voyeuristic."

During the ceremony Zeta-Jones saluted her husband by performing a revamped version of One from A Chorus Line.

Before the dinner and show began, Kathleen Turner, Douglas's co-star in Romancing the Stone, Jewel of the Nile and War of the Roses,
said "He's smart, he's funny. He's grown up in the business and he's
kept his cool. He's a good actor, he's an excellent producer, so yes,
we have to celebrate him."

As for their collaborations, she added, "We liked each other. We respected each other. We were both smart and we were funny."

Among those toasting Douglas from the stage were Oliver Stone, Annette Bening, Tobey Maguire, Sharon Stone and Jack Nicholson.

"I
can only hope by the end of the evening that Michael will be impressed
by himself, as I am by myself," joked Warren Beatty, who was last
year's recipient.

Tears
brimmed in Douglas's eyes as he listened to his legendary dad talk
about his career. The emotions quickly switched to laughter as his
92-year-old father told jokes from the stage.

"I'm
a little bit confused. I'm too young to have a son getting a lifetime
achievement award," said his dad. "When he was in college, he said he
was going to be a lawyer. That made me very happy because every Jewish
father wants his son to be a lawyer. I'm proud of my son, Michael. I
don't really tell him that often. I'm so proud of what he's done for
the motion picture field and what he's done to help people."

The younger Douglas offered his own zingers.

"This
puts things in perspective," he said as he took his award from
Nicholson. "Back when I started, Jack was dating women his own age."