Earnings Per Share

9 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

Earnings Per Share

Earnings per Share

We compute basic earnings per share by dividing net income available to our common shareholders by the weighted average number of shares of our common stock outstanding. We appropriately weighted shares issued or reacquired during the period that they were outstanding. Our diluted earnings per share reflect the impacts of our potentially dilutive securities, which include our convertible preferred stock and our equity compensation awards.

In the first quarter of 2014, our board of directors authorized a $250 million share repurchase program. As of September 30, 2014, 1.9 million shares had been repurchased for $124.6 million and $125.4 million was available under the repurchase authorization.

In the second quarter of 2013, both series of our preferred stock were retired with all shares either converted to common stock or redeemed.

The following table shows the computation of our basic and diluted net income per common share (in millions, except per share amounts):

	Three Months Ended September 30				Nine Months Ended September 30
	2014		2013		2014		2013
Numerator:
Net income	$	51.3	$	53.8	$	146.5	$	116.0
Denominator:
Weighted average shares outstanding - basic	44.4		46.2		45.3		46.5
Effect of dilutive securities:
Equity compensation plans	0.8		0.6		0.8		0.7
Convertible preferred stock	—		*		—		*
Weighted average shares outstanding - diluted	45.2		46.8		46.1		47.2
Basic earnings per share	$	1.16	$	1.16	$	3.24	$	2.49
Diluted earnings per share	$	1.14	$	1.15	$	3.18	$	2.45

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* Antidilutive.