EARNINGS PER COMMON SHARE

3 Months Ended

Mar. 31, 2013

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE

10)          EARNINGS PER COMMON SHARE

The computation of basic earnings per common share is based on the weighted average number of common shares outstanding.  The computation of diluted earnings per common share is based on the weighted average number of common and common share equivalents outstanding.  The computation of diluted earnings per common share equals the basic earnings per common share for the quarter ended March 31, 2013, since the common stock equivalents were anti-dilutive as a result of a loss from continuing operations.  Common stock equivalents amounted to 1.4 million shares for the quarter ended March 31, 2013.

The following is a reconciliation of the shares used in the computation of earnings per share:

	Quarters ended March 31,
(In millions)	2013	2012
Weighted average shares outstanding - Basic	98.2	98.3
Dilutive effect of common share equivalents	—	0.8
Weighted average shares outstanding - Diluted	98.2	99.1

On October 18, 2011, we announced that our Board had authorized us to repurchase up to $50 million of our common stock over the next twelve months.  On July 31, 2012, our Board authorized an increase in our share repurchase program from $50 million to up to $100 million and extended the program through November 2013. The shares are expected to be repurchased from time to time through open market purchases.  The program, which does not obligate us to repurchase any particular amount of common stock, may be modified or suspended at any time at the Board’s discretion.  The manner, price, number and timing of such repurchases, if any, will be subject to a variety of factors, including market conditions and the applicable rules and regulations of the Securities and Exchange Commission (“SEC”).  There were no purchases during the quarter ended March 31, 2013.  As of March 31, 2013, we had total re-purchases of 3.4 million shares for a cost of $41 million under this program.