Earnings Per Share

9 Months Ended

Sep. 30, 2015

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,
	2015		2014		2015			2014
Net income	$	80.3	$	67.4	$	175.3		$	161.2
Add: Loss from discontinued operations	—		0.1		0.5			0.8
Income from continuing operations	$	80.3	$	67.5	$	175.8		$	162.0

Weighted-average shares outstanding – basic	45.0		48.3		44.9			48.7
Add: Potential effect of dilutive securities attributable to stock-based payments	0.6		0.7		0.7			0.8
Weighted-average shares outstanding – diluted	45.6		49.0		45.6			49.5

Earnings per share – Basic:
Income from continuing operations	$	1.78	$	1.40	$	3.92		$	3.33
Loss from discontinued operations	—		—		(0.01		)	(0.02		)
Net income	$	1.78	$	1.40	$	3.91		$	3.31

Earnings per share – Diluted:
Income from continuing operations	$	1.76	$	1.38	$	3.86		$	3.27
Loss from discontinued operations	—		—		(0.01		)	(0.01		)
Net income	$	1.76	$	1.38	$	3.85		$	3.26

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,
	2015		2014	2015		2014
Weighted-average number of shares	—		0.3	0.2		0.3
Price range per share	$	—	$81.11 - $81.14	$	92.64	$81.11 - $81.14