Net Income (Loss) Per Common Share

9 Months Ended

Sep. 30, 2012

Net Income (Loss) Per Common Share

5.    Net Income (Loss) Per Common Share

The following table presents the calculation of net income (loss) per common share on a basic and diluted basis for the three and nine months ended September 30, 2012 and 2011:

	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
(in millions, except number of shares and per share amounts)	2012		2011			2012		2011
Net income (loss)	$	13.4	$	(10.8	)	$	57.0	$	(83.3	)
Weighted average common shares outstanding - basic		25,227,194		27,237,788			25,694,761		27,374,953
Effect of dilutive securities
Equity compensation awards		529,689		0			406,973		0
Weighted average common shares outstanding - diluted		25,756,883		27,237,788			26,101,734		27,374,953
Net income (loss) per common share - basic	$	0.53	$	(0.39	)	$	2.22	$	(3.04	)
Net income (loss) per common share - diluted	$	0.52	$	(0.39	)	$	2.18	$	(3.04	)

Excluded from the weighted average common shares outstanding calculation at September 30, 2012 and 2011 are 6,248,209 shares and 4,544,329 shares, respectively, which are held as treasury shares. The shares are excluded as of their repurchase date. For the three and nine months ended September 30, 2012, equity compensation awards to purchase 972,175 shares of common stock were excluded from the computation of diluted net income per common share as these instruments were anti-dilutive. These instruments expire at varying times from 2012 through 2019. For the three and nine months ended September 30, 2011, equity compensation awards to purchase 1,506,164 shares and 1,571,066 shares, respectively, of common stock were excluded from the computation of diluted net loss per common share because the net loss caused their effect to be anti-dilutive. These instruments expire at varying times from 2012 through 2018.