Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

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 Net income were as follows (in millions, except per share data):

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2013			2012			2013			2012
Net income	$	64.3		$	29.4		$	136.6		$	68.0
Add: Loss from discontinued operations	1.5			20.3			9.3			40.5
Income from continuing operations	$	65.8		$	49.7		$	145.9		$	108.5
Weighted-average shares outstanding – basic	49.7			50.6			50.0			50.8
Effect of diluted securities attributable to stock-based payments	0.8			0.7			0.8			0.7
Weighted-average shares outstanding – diluted	50.5			51.3			50.8			51.5
Earnings per share – Basic:
Income from continuing operations	$	1.32		$	0.98		$	2.92		$	2.13
Loss from discontinued operations	(0.03		)	(0.40		)	(0.19		)	(0.79		)
Net income	$	1.29		$	0.58		$	2.73		$	1.34
Earnings per share – Diluted:
Income from continuing operations	$	1.30		$	0.97		$	2.87		$	2.11
Loss from discontinued operations	(0.03		)	(0.40		)	(0.18		)	(0.79		)
Net income	$	1.27		$	0.57		$	2.69		$	1.32

The following 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 (in millions, except for per share data):

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2013		2012		2013		2012
Weighted-average number of shares	—		0.4		—		0.4
Price per share	$	—	$	46.78	$	—	$	46.78