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Earnings Per Share (EPS)
 6 Months Ended
Jun. 30, 2016
Earnings Per Share [Abstract]  
Earnings Per Share [Text Block]
9.
EARNINGS PER SHARE (EPS)

We present earnings per share using the two-class method. This method allocates undistributed earnings between common shares and non-vested share based payment awards that entitle the holder to non-forfeitable dividend rights. Our participating securities include non-vested restricted stock units.

The following table sets forth the computation of our basic and diluted EPS available to shareholders of common stock (excluding participating securities):

 
 
Three Months Ended
 
Six Months Ended
 
 
June 30,
 
June 30,
 
 
2016
 
2015
 
2016
 
2015
 
 
(in millions, except per share data)
Numerator
 
 
 
 
 
 
 
 
Net income
 
$
71.0

 
$
58.6

 
$
132.1

 
$
111.8

    Less: Net income attributable to participating securities
 
(1.7
)
 
(1.4
)
 
(3.0
)
 
(2.6
)
Net income attributable to common shareholders - Basic
 
$
69.3

 
$
57.2

 
$
129.1

 
$
109.2

Undistributed earnings reallocated to common shareholders under two step dilutive method
 
—

 
—

 
—

 
—

Net income attributable to common shareholders - Dilutive
 
$
69.3

 
$
57.2

 
$
129.1

 
$
109.2

 
 
 
 
 
 
 
 
 
Denominators
 
 

 
 

 
 
 
 
Basic common shares outstanding -
 
 

 
 

 
 
 
 
   Weighted-average shares outstanding
 
78.3

 
77.8

 
78.1

 
77.7

        Less: Participating securities
 
(1.8
)
 
(1.9
)
 
(1.8
)
 
(1.9
)
    Weighted-average common shares outstanding
 
76.5

 
75.9

 
76.3

 
75.8

 
 
 
 
 
 
 
 
 
Effect of dilutive securities -
 
 

 
 

 
 
 
 
   Dilutive stock-based compensation
 
0.4

 
0.4

 
0.4

 
0.4

 
 


 


 
 
 
 
Diluted shares outstanding -
 
 

 
 

 
 
 
 
   Adjusted weighted-average shares after assumed conversions
 
76.9

 
76.3

 
76.7

 
76.2

 
 
 

 
 

 
 
 
 
Basic EPS
 
$
0.91

 
$
0.75

 
$
1.69

 
$
1.44

 
 
 

 
 

 
 
 
 
Diluted EPS
 
$
0.90

 
$
0.75

 
$
1.68

 
$
1.43


 
Certain exercisable stock options were excluded from the computations of diluted EPS because the exercise price of these options was greater than the average period market prices. The number of stock options outstanding, which were not included in the calculation of diluted EPS, was 0.2 million at both June 30, 2016 and June 30, 2015. The exercise price related to the excluded exercisable stock options was $26.02 at both June 30, 2016 and June 30, 2015.