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
Shares (in millions)	Shares	Net Income		Per Share Amount			Net Income		Per Share Amount		Per Share Amount
Three Months Ended March 31, 2016
Basic EPS	96.5	$	44.5	$	0.46		$	—	$	—	$	0.46
Effect of dilutive securities:
Stock-based compensation arrangements	0.9	—		(0.01		)	—		—		(0.01		)
Convertible Debt	6.4	—		(0.02		)	—		—		(0.02		)
Diluted EPS	103.8	$	44.5	$	0.43		$	—	$	—	$	0.43
Three Months Ended March 31, 2015
Basic EPS	99.0	$	39.3	$	0.40		$	0.1	$	—	$	0.40
Effect of dilutive securities:
Stock-based compensation arrangements	0.7	—		(0.01		)	—		—		(0.01		)
Convertible Debt	5.3	—		(0.02		)	—		—		(0.02		)
Diluted EPS	105.0	$	39.3	$	0.37		$	0.1	$	—	$	0.37

The diluted EPS calculation for the three months ended March 31, 2016 excludes 0.2 of performance-based restricted stock units granted in 2014, as the criteria has not yet been achieved, as well as 0.7 performance-based restricted stock units (0.3 and 0.4 granted in 2016 and 2015, respectively), as the performance criteria for the third year of the 2015 grants and the second and third years of the 2016 grants have not yet been fully defined, thereby precluding a grant for accounting purposes due to a lack of a mutual understanding of the terms of the stock-based awards.

As described more fully in Note 7, during 2009, 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 convertible, subject to certain conditions, into shares of the Company’s common stock at an initial conversion price of $12.07 per share, or eighty-two and eighty-two hundredths shares per one thousand dollars in principal amount of debentures. The conversion rate is subject to adjustment for certain events outlined in the indenture governing the 2029 Convertible Debentures (the Indenture), including payment of dividends. As of March 31, 2016, the implied conversion price for the 2029 Convertible Debentures was $11.47 per share, or eighty-seven and twenty-one hundredths shares per one thousand dollars in principal amount of debentures. There were 6.4 dilutive shares related to the 2029 Convertible Debentures for the three months ended March 31, 2016.

Shareholders’ Equity

The Company repurchased 0.8 of its common shares during the three months ended March 31, 2016 at an average price of $25.05 per share for a total of $20.3. Based upon the timing of transactions, $0.9 of the shares repurchased had not settled as of March 31, 2016. These shares are excluded from outstanding shares at the end of the current quarter and were settled in cash during the second quarter of 2016.

As of March 31, 2016, the Company had the authority to repurchase an additional $194.4 of outstanding common shares pursuant to share repurchase authorizations approved by the Company’s Board of Directors. The timing and terms of any future transactions will depend on a number of considerations including market conditions, our available liquidity and capital needs, and limits on share repurchases that may be applicable under the covenants in our Credit Agreement.

Dividends

During 2015 and 2016, the Company has paid the following dividends per common share approved by the Company’s Board of Directors:



Announcement Date	Record Date	Dividend Amount	Payment Date
November 5, 2014	December 26, 2014	$0.07	January 9, 2015
February 18, 2015	March 20, 2015	$0.07	April 3, 2015
May 5, 2015	June 18, 2015	$0.08	July 2, 2015
August 4, 2015	September 18, 2015	$0.08	October 2, 2015
November 4, 2015	December 24, 2015	$0.08	January 8, 2016
February 23, 2016	March 24, 2016	$0.08	April 8, 2016

On May 9, 2016, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.09 per common share to be paid on July 8, 2016 to shareholders of record as of June 24, 2016.

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.