Earnings Per Share

6 Months Ended

Jun. 30, 2011

13. Earnings Per Share:

Basic earnings per share are computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted earnings per share are computed by dividing net income by the sum of the weighted-average number of shares and the number of equivalent shares assumed outstanding, if dilutive, under our stock-based compensation plans.

The computations of basic and diluted earnings per share for Income from Continuing Operations were as follows (in millions, except per share data):


	For the				For the
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2011		2010		2011		2010
Net income	$	45.0	$	48.3	$	37.8	$	46.7
Add: Loss from discontinued operations		—		0.4		—		0.7

Income from continuing operations	$	45.0	$	48.7	$	37.8	$	47.4


Weighted-average shares outstanding — basic		53.2		55.1		53.4		55.6
Effect of diluted securities attributable to stock-based payments		1.1		1.2		1.1		1.2

Weighted-average shares outstanding — diluted		54.3		56.3		54.5		56.8


Earnings per share from continuing operations:
Basic	$	0.85	$	0.88	$	0.71	$	0.85
Diluted	$	0.83	$	0.86	$	0.69	$	0.83

Stock appreciation rights were outstanding, but not included in the diluted earnings per share calculation because the assumed exercise of such rights would have been anti-dilutive. The details are as follows:


	For the Six Months Ended June 30,
	2011		2010
Number of shares		464,314		546,289
Price ranges per share	$	46.78	$	$36.94