Earnings Per Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share [Abstract]

Earnings Per Share

3. Earnings Per Share

     Basic earnings per share represents the amount of earnings for the period available to each share of common stock outstanding during the reporting period. Diluted earnings per share represents the earnings available to each share of common stock outstanding during the reporting period, adjusted for the potential issuance of dilutive common stock.

     The Company’s outstanding warrants and certain restricted stock granted to employees are included in weighted-average common shares outstanding for the purposes of computing basic and diluted earnings per share, using the two-class method. These are considered participating or potential common stock securities because the terms of the agreements entitle the holders to receive any dividends declared concurrently with the holders of outstanding shares of common stock, on a one-to-one basis. Non-participating restricted stock is included in diluted earnings per share based on the application of the treasury stock method.

     For the three and six months ended June 30, 2011, 2.950 stock options were excluded from the computation of diluted earnings per share, based on the application of the treasury stock method, because they were antidilutive. For the three and six months ended June 30, 2010, 1.750 stock options were excluded from the computation of diluted earnings per share.

The following table presents information relating to the Company’s calculations of basic and diluted earnings per share:

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2011		2010		2011		2010
Numerator:
Net income, as reported	$	59.4	$	35.8	$	114.3	$	82.1
Denominator:
Weighted-average common shares outstanding — basic		137.523		137.019		137.408		134.035
Add: dilutive effect of restricted stock		0.009		0.019		0.009		0.021
Weighted-average common shares outstanding — diluted		137.532		137.038		137.417		134.056
Net income per common share:
Basic	$	0.43	$	0.26	$	0.83	$	0.61
Diluted	$	0.43	$	0.26	$	0.83	$	0.61