Earnings Per Share (“EPS”)

9 Months Ended

Sep. 30, 2015

Earnings Per Share (“EPS”): The following table provides a reconciliation of income from continuing operations to income from continuing operations available to A&B shareholders (in millions):



	Quarter Ended						Nine Months Ended
	September 30,						September 30,
	2015			2014			2015			2014
Income from continuing operations, net of tax	$	7.0		$	10.8		$	43.0		$	22.1
Less: Noncontrolling interest	(0.3		)	(0.6		)	(1.2		)	(2.0		)
Income from continuing operations attributable to A&B shareholders, net of tax	$	6.7		$	10.2		$	41.8		$	20.1
Less: Undistributed earnings allocated to redeemable noncontrolling interests	(1.3		)	—			(1.3		)	—
Income from continuing operations available to A&B shareholders, net of tax	$	5.4		$	10.2		$	40.5		$	20.1
Income from discontinued operations available to A&B shareholders, net of tax	—			—			—			34.3
Net income available to A&B shareholders	$	5.4		$	10.2		$	40.5		$	54.4

The number of shares used to compute basic and diluted EPS is as follows (in millions):



	Quarter Ended		Nine Months Ended
	September 30,		September 30,
	2015	2014	2015	2014
Denominator for basic EPS – weighted average shares	48.9	48.8	48.8	48.7
Effect of dilutive securities:
Employee/director stock options and restricted stock units	0.5	0.5	0.5	0.5
Denominator for diluted EPS – weighted average shares	49.4	49.3	49.3	49.2

Basic EPS is computed based on the weighted-average number of common shares outstanding during the period. Diluted EPS is computed based on the weighted-average number of common shares outstanding adjusted by the number of additional shares, if any, that would have been outstanding had the potentially dilutive common shares been issued. Potentially dilutive shares of common stock include non-qualified stock options, time-based restricted stock units and performance share units. The vesting of performance share units is contingent upon the achievement of relative total shareholder return metrics. Prior to vesting, if all necessary conditions would have been satisfied by the end of the reporting period (as if the end of the reporting period were deemed to be the end of the performance measurement period), the dilutive effect of the performance share units, if any, is included in the computation of diluted EPS using the treasury stock method.

During the three and nine month periods ended September 30, 2015 and 2014, there were no anti-dilutive securities outstanding.