(Loss) Income Per Share of Common Stock

6 Months Ended

12 Months Ended

May 31, 2013

Nov. 30, 2012

(Loss) Income Per Share of Common Stock

Note 2. (Loss) Income Per Share of Common Stock

A reconciliation of the numerator and denominator used to calculate basic and diluted (loss) income per share of common stock (“EPS”) is presented in the following table:

	Three months ended May 31,					Six months ended May 31,
	2013			2012(1)		2013			2012(1)
	(In millions, except per share amounts; shares in thousands)
Numerator:
(Loss) income from continuing operations	$	(11.7	)	$	1.3	$	(25.8	)	$	3.7
(Loss) income from discontinued operations, net of income taxes		(0.1	)		0.4		—			0.4
Net (loss) income for basic and diluted earnings per share	$	(11.8	)	$	1.7	$	(25.8	)	$	4.1
Denominator:
Basic weighted average shares		59,465			58,969		59,384			58,896
Effect of:
Employee stock options		—			33		—			27
Diluted weighted average shares		59,465			59,002		59,384			58,923
Basic and Diluted EPS:
(Loss) income per share from continuing operations	$	(0.20	)	$	0.02	$	(0.43	)	$	0.06
Income per share from discontinued operations, net of income taxes		—			0.01		—			0.01
Net (loss) income per share	$	(0.20	)	$	0.03	$	(0.43	)	$	0.07

(1) The undistributed income allocated to participating securities was less than $0.1 million. The Company’s outstanding unvested restricted shares contain non-forfeitable rights to dividends. Accordingly, the weighted average share balances treat the unvested restricted shares as participating securities and they are included in the computation of EPS pursuant to the two-class method. Application of the two-class method had no impact on EPS for all periods presented.

The following table sets forth the potentially dilutive securities excluded from the computation because their effect would have been anti-dilutive:

	Three months ended May 31,				Six months ended May 31,
	2013		2012		2013		2012
	(In thousands)
4.0625% Convertible Subordinated Debentures (“4 1/16% Debentures”)		22,219		22,219		22,219		22,219
Employee stock options		703		956		703		956
Unvested restricted shares		1,095		1,081		1,163		998
Total potentially dilutive securities		24,017		24,256		24,085		24,173

Note 2. (Loss) Income Per Share of Common Stock

A reconciliation of the numerator and denominator used to calculate basic and diluted (loss) income per share of common stock (“EPS”) is presented in the following table:

	Year Ended
	2012			2011(1)		2010(1)
	(In millions, except per share amounts; shares in thousands)
Numerator for Basic and Diluted EPS
(Loss) income from continuing operations	$	(5.7	)	$	2.9	$	6.0
Income from discontinued operations, net of income taxes		3.1			—		0.8
Net (loss) income available for basic and diluted earnings per share	$	(2.6	)	$	2.9	$	6.8
Denominator
Basic weighted average shares		59,006			58,689		58,547
Effect of:
Employee stock options		—			17		17
Diluted weighted average shares		59,006			58,706		58,564
Basic and Diluted EPS:
(Loss) income per share from continuing operations	$	(0.09	)	$	0.05	$	0.11
Income per share from discontinued operations, net of income taxes		0.05			—		0.01
Net (loss) income per share	$	(0.04	)	$	0.05	$	0.12

(1) The undistributed income allocated to participating securities was less than $0.1 million. The Company’s outstanding unvested restricted shares contain non-forfeitable rights to dividends. Accordingly, the weighted average share balances treat the unvested restricted shares as participating securities and are included in the computation of EPS pursuant to the two-class method. Application of the two-class method had no impact on EPS for all years presented.

The following table sets forth the potentially dilutive securities excluded from the computation because their effect would have been anti-dilutive:

	Year Ended
	2012		2011		2010
	(In thousands)
4% Convertible Subordinated Notes (“4% Notes”)		—		—		1,148
41/16%  Debentures		22,219		22,219		20,922
Unvested restricted shares		1,104		805		652
Employee stock options		849		1,050		934
Total potentially dilutive securities		24,172		24,074		23,656

The Company’s 2¹/₄% Debentures were not included in the computation of diluted earnings per share because the market price of the common stock did not exceed the conversion price and only the conversion premium for these debentures is settled in common shares.