Earnings Per Share

12 Months Ended

Dec. 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. Restricted stock granted by the Company is considered a participating security since it contains a non-forfeitable right to dividends.

The following table sets forth the computation of earnings per share for the three years ended December 31 (in millions, except per share amounts):



	2016			2015			2014
Numerator:
Net income attributable to Hubbell	$	293.0		$	277.3		$	325.3
Less: Earnings allocated to participating securities	(0.9		)	(0.7		)	(0.9		)
Net income available to common shareholders	$	292.1		$	276.6		$	324.4
Denominator:
Average number of common shares outstanding	55.5			57.7			58.8
Potential dilutive shares	0.2			0.3			0.4
Average number of diluted shares outstanding	55.7			58.0			59.2
Earnings per share:
Basic	$	5.26		$	4.79		$	5.51
Diluted	$	5.24		$	4.77		$	5.48

The Company did not have any significant anti-dilutive securities in 2016, 2015 or 2014. The calculation of diluted earnings per share for the year ended December 31, 2016, 2015 and 2014 excludes 58,418, 30,482 and an insignificant amount of weighted average of performance shares, respectively, that are subject to a performance condition. These shares are excluded from the calculation of diluted earnings per share because all necessary performance conditions have not been satisfied at the end of the respective reporting periods. Refer to Note 16 — Stock-Based Compensation for further information about those awards.