EARNINGS PER SHARE AND SHAREHOLDERS’ EQUITY

Earnings per Share

The following is a reconciliation of the numerator and denominator of the basic and diluted earnings per share (EPS) computations:



		Continuing Operations						Discontinued Operations						Total
Three Months Ended September 30, 2013	Shares	Income (Loss)			Per Share Amount			Income (Loss)			Per Share Amount			Per Share Amount
Basic EPS	103.0	$	28.2		$	0.27		$	5.7		$	0.06		$	0.33
Effect of dilutive securities:
Stock-based compensation arrangements	0.9	—						—			—			—
Convertible Debt	4.0	—			(0.01		)	—			(0.01		)	(0.02		)
Diluted EPS	107.9	$	28.2		$	0.26		$	5.7		$	0.05		$	0.31

Nine Months Ended September 30, 2013
Basic EPS	104.1	$	80.4		$	0.77		$	2.0		$	0.02		$	0.79
Effect of dilutive securities:
Stock-based compensation arrangements	1.0	—			(0.01		)	—			—			(0.01		)
Convertible Debt	4.0	—			(0.02		)	—			—			(0.02		)
Diluted EPS	109.1	$	80.4		$	0.74		$	2.0		$	0.02		$	0.76

Three Months Ended September 30, 2012
Basic EPS	111.2	$	30.3		$	0.27		$	(2.4	)	$	(0.02	)	$	0.25
Effect of dilutive securities:
Stock-based compensation arrangements	1.9	—			—			—			—			—
Convertible Debt	2.4	—			(0.01		)	—			—			(0.01		)
Diluted EPS	115.5	$	30.3		$	0.26		$	(2.4	)	$	(0.02	)	$	0.24

Nine Months Ended September 30, 2012
Basic EPS	114.2	$	(2.0	)	$	(0.02	)	$	70.6		$	0.62		$	0.60
Effect of dilutive securities:
Stock-based compensation arrangements	—	—			—			—			—			—
Convertible Debt	—	—			—			—			—			—
Diluted EPS	114.2	$	(2.0	)	$	(0.02	)	$	70.6		$	0.62		$	0.60

The diluted EPS calculation excludes the effect of 0.7 outstanding stock options for the three and nine months ended September 30, 2013 and 1.4 outstanding stock options for the three and nine months ended September 30, 2012 because their effect is anti-dilutive. As the Company reported a Net Loss from Continuing Operations for the nine months ended September 30, 2012, diluted shares outstanding are equivalent to basic shares outstanding. The calculation at September 30, 2013 also excludes 0.3 performance-based restricted stock units granted in both 2013 and 2012 as performance criteria have not yet been met.

As described more fully in Note 8, the Company issued approximately $125.0 aggregate principal amount of 5.75% Junior Subordinated Convertible Debentures due 2029 (2029 Convertible Debentures). The 2029 Convertible Debentures were initially convertible, subject to certain conditions, into shares of the Company’s common stock at an initial conversion price of approximately $12.07 per share, or eighty-two and eighty-two hundredths shares per one thousand in principal amount of debentures. The conversion rate is subject to adjustment for certain events outlined in the indenture governing the Debentures (the Indenture), including payment of dividends. As of September 30, 2013, the implied conversion rate for the Convertible Debentures was $11.84 per share, or eighty-four and forty-six hundredths shares per one thousand in principal amount of debentures. There were 4.0 dilutive shares related to the 2029 Convertible Debentures for the three and nine months ended September 30, 2013.

Shareholders’ Equity

The Company repurchased 2.1 and 5.8 shares of its common stock during the three and nine months ended September 30, 2013, respectively, at an average price of $18.76 and $17.36 per share for a total of $39.4 and $100.0. Based upon the timing of the transactions, $3.5 of shares repurchased had not settled as of September 30, 2013. These shares are excluded from outstanding shares at the end of the current quarter and will be settled in cash during the fourth quarter of 2013. As of September 30, 2013, the Company had the authority to repurchase an additional $152.3 of outstanding common shares pursuant to current authorizations. The Company also repurchased 0.9 shares at an average price of $19.29 for aggregate proceeds of $17.7 subsequent to September 30, 2013 through November 6, 2013.

Dividends

During 2012 and 2013, the Company's Board of Directors approved, and the Company has paid, the following dividends per common share:



Announcement Date	Record Date	Dividend Amount	Payment Date
May 8, 2012	June 22, 2012	$0.05	July 6, 2012
July 26, 2012	September 21, 2012	$0.05	October 5, 2012
October 23, 2012	December 21, 2012	$0.05	January 4, 2013
February 7, 2013	March 22, 2013	$0.06	April 5, 2013
April 30, 2013	June 21, 2013	$0.06	July 5, 2013
July 30, 2013	September 20, 2013	$0.06	October 4, 2013

On November 6, 2013, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.06 per common share to be paid on January 10, 2014 to shareholders of record as of December 27, 2013.

The Board expects that future cash dividends will be paid on a quarterly basis. However, any decision to pay future cash dividends will be subject to Board approval, and will depend on the Company's future earnings, cash flow, financial condition, financial covenants and other relevant factors.