Earnings Per Share

6 Months Ended

Jun. 30, 2012

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

The following table sets forth the computation of basic and diluted net earnings per share (dollars and shares in millions, except per share amounts):

	Three Months Ended June 30,
	2012						2011
	Net Income		Weighted-Average Shares Outstanding	Net Income Per Common Share			Net Income		Weighted-Average Shares Outstanding	Net Income Per Common Share
Basic EPS	$	10.1	11.4	$	0.89		$	8.5	11.5	$	0.74
Effect of dilutive
common share
equivalents:
Restricted
stock units			0.1	(0.01		)			—	—
Stock options			0.1	(0.01		)			0.1	(0.01		)
Warrants			—	—					0.3	(0.01		)
Diluted EPS	$	10.1	11.6	$	0.87		$	8.5	11.9	$	0.72

	Six Months Ended June 30,
	2012						2011
	Net Income		Weighted-Average Shares Outstanding	Net Income Per Common Share			Net Income		Weighted-Average Shares Outstanding	Net Income Per Common Share
Basic EPS	$	13.7	11.4	$	1.20		$	9.0	11.4	$	0.79
Effect of dilutive
common share
equivalents:
Restricted
stock units			0.1	(0.01		)			0.1	—
Stock options			0.1	(0.01		)			0.1	(0.01		)
Warrants			—	—					0.3	(0.02		)
Diluted EPS	$	13.7	11.6	$	1.18		$	9.0	11.9	$	0.76

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Note: Basic and diluted earnings per share are calculated based on unrounded actual amounts.

There were 104,020 outstanding options for the three and six months ended June 30, 2011 which were excluded from the computation of diluted earnings per share because the effect would be anti-dilutive. There were no anti-dilutive stock options outstanding for the three and six months ended June 30, 2012.

In addition, there were no anti-dilutive warrants for the three and six months ended June 30, 2012 and 2011. The warrants were originally issued in 2004, when we issued an aggregate of 9,800,000 shares of our common stock and warrants to purchase an aggregate of 990,616 shares of our common stock to the Class 6(B) creditors of Fleming (our former parent company) pursuant to its plan of reorganization. We refer to the warrants we issued to the Class 6(B) creditors as the Class 6(B) warrants. We received no cash consideration at the time we issued the Class 6(B) warrants. The Class 6(B) warrants had an exercise price of $20.93 per share. The shares of common stock and the Class 6(B) warrants were issued pursuant to an exemption from registration under Section 1145(a) of the Bankruptcy Code. We also issued warrants to purchase an aggregate of 247,654 shares of our common stock to the holders of our Tranche B Notes, which we refer to as Tranche B warrants. The Tranche B warrants had an exercise price of $15.50 per share.

Both the Class 6(B) and Tranche B warrants expired on August 23, 2011, at which time any outstanding warrants were net issued in an automatic cashless exercise in accordance with their terms. As of June 30, 2012, (a) all 990,616 Class 6(B) warrants originally issued have been exercised resulting in a cumulative net issuance of 550,873 shares of common stock, and (b) all 247,654 Tranche B warrants originally issued have been exercised resulting in a cumulative net issuance of 145,512 shares of common stock. Combined, a total of 696,385 shares have been net issued upon cash and cashless exercises of the Company's warrants and no Class 6(B) warrants or Tranche B warrants remain outstanding.