Net Earnings Per Common Share (Tables)

9 Months Ended

Sep. 30, 2014

Calculation of Basic and Diluted Net Earnings Per Common Share

The following table shows the calculation of basic and diluted net earnings per common share under the two-class method:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2014			2013			2014			2013
Basic Net Earnings Per Common Share:
Numerator
Net earnings available to common stockholders	$	59.3		$	37.6		$	191.3		$	96.6
Distributed and allocated undistributed net earnings to non-vested restricted stockholders		(0.4	)		(0.2	)		(1.1	)		(0.5	)
Distributed and allocated undistributed net earnings to common stockholders		58.9			37.4			190.2			96.1
Distributed net earnings - dividends paid to common stockholders		(27.4	)		(25.3	)		(82.9	)		(75.9	)
Allocation of undistributed net earnings to common stockholders	$	31.5		$	12.1		$	107.3		$	20.2
Denominator
Weighted average number of common shares outstanding - basic		210.4			194.9			210.2			194.5
Basic net earnings per common share:
Distributed net earnings to common stockholders	$	0.13		$	0.13		$	0.39		$	0.39
Allocated undistributed net earnings to common stockholders		0.15			0.06			0.52			0.10
Basic net earnings per common share:	$	0.28		$	0.19		$	0.91		$	0.49

Diluted Net Earnings Per Common Share:
Numerator
Distributed and allocated undistributed net earnings to common stockholders	$	58.9		$	37.4		$	190.2		$	96.1
Add: Allocated undistributed net earnings to non-vested restricted stockholders		0.2			0.1			0.6			0.1
Less: Undistributed net earnings reallocated to non-vested restricted stockholders		(0.2	)		(0.1	)		(0.6	)		(0.1	)
Net earnings available to common stockholders - diluted	$	58.9		$	37.4		$	190.2		$	96.1

Denominator
Weighted average number of common shares outstanding - basic		210.4			194.9			210.2			194.5
Effect of assumed issuance of Settlement agreement shares ⁽¹⁾		—			18.0			2.2			18.0
Effect of contingently issuable shares		1.9			1.6			1.8			1.5
Effect of non-vested restricted stock units		1.2			0.8			1.1			0.9
Weighted average number of common shares outstanding - diluted		213.5			215.3			215.3			214.9
Diluted net earnings per common share	$	0.28		$	0.18		$	0.88		$	0.45

—

For 2014, the shares included above represent the weighted average number of shares from January 1, 2014 through February 3, 2014. The weighted average number of shares from February 4, 2014 through September 30, 2014 are included in the weighted average number of common shares outstanding-basic since they were issued on February 3, 2014 in connection with the Settlement agreement.

Revised Diluted Weighted Average Number of Common Shares Outstanding

The previously reported, and revised diluted weighted average number of common shares outstanding to include the achievement of PSU awards in each previous reporting period of 2014 and 2013 are as follows:

	2014
	Three Months Ended		Three Months Ended		Six Months Ended
	March 31, 2014		June 30, 2014		June 30, 2014
Previously reported diluted weighted average number of common shares outstanding		214.5		214.7		214.6
Revised diluted weighted average number of common shares outstanding		216.0		216.4		216.2

	2013
	Three Months Ended		Three Months Ended		Six Months Ended		Three Months Ended		Nine Months Ended		Three Months Ended		Year Ended
	March 31, 2013		June 30, 2013		June 30, 2013		September 30, 2013		June 30, 2013		December 31, 2013		December 31, 2013
Previously reported diluted weighted average number of common shares outstanding		212.7		213.6		213.2		213.7		213.4		213.9		213.5
Revised diluted weighted average number of common shares outstanding		214.3		215.0		214.7		215.3		214.9		215.4		215.1