Earnings Per Share

3 Months Ended

Mar. 31, 2016

The Company computes earnings per share using the two-class method, which is an earnings allocation formula that determines earnings per share for common stock and participating securities. Service-based and performance-based restricted stock awards granted by the Company are considered participating securities as these awards contain a non-forfeitable right to dividends.

The following table sets forth the computation of earnings per share for the three months ended March 31, 2016 and 2015 (in millions, except per share amounts):



	Three Months Ended March 31,
	2016			2015
Numerator:
Net income attributable to Hubbell	$	60.9		$	62.4
Less: Earnings allocated to participating securities	(0.2		)	(0.2		)
Net income available to common shareholders	$	60.7		$	62.2
Denominator:
Average number of common shares outstanding	56.3			58.0
Potential dilutive common shares	0.2			0.3
Average number of diluted shares outstanding	56.5			58.3
Earnings per share:
Basic	$	1.08		$	1.07
Diluted	$	1.08		$	1.07

The Company did not have any significant anti-dilutive securities during the three months ended March 31, 2016 and 2015. The calculation of diluted earnings per share for the three months ended March 31, 2016 excludes 24,719 and 32,370 of performance shares granted in December 2014 and December 2015, respectively, that are subject to a performance condition. The calculation of diluted earnings per share for the three months ended March 31, 2015 excludes 28,675 performance shares granted in December 2014 that are subject to a performance condition. These shares are excluded from the calculation of diluted earnings per share because all necessary performance conditions were not satisfied at the end of those reporting periods.