Earnings Per Share

9 Months Ended

Sep. 30, 2015

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 equity compensation awards.

In the first quarter of 2014, our board of directors authorized a $250 million share repurchase program. During the first nine months of 2015, 2.1 million shares were acquired for $111.0 million, compared to 1.9 million shares acquired for $124.6 million during the first nine months of 2014. As of September 30, 2015, a total of 4.0 million shares had been repurchased for $235.6 million, and $14.4 million remains available under the repurchase authorization.

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
	2015		2014		2015		2014
Numerator:
Net income	$	39.5	$	51.3	$	147.1	$	146.5
Denominator:
Weighted average shares outstanding - basic	42.8		44.4		43.5		45.3
Effect of dilutive securities:
Equity compensation plans	0.6		0.8		0.6		0.8
Weighted average shares outstanding - diluted	43.4		45.2		44.1		46.1
Basic earnings per share	$	0.92	$	1.16	$	3.38	$	3.24
Diluted earnings per share	$	0.91	$	1.14	$	3.33	$	3.18