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Earnings Per Share (Notes)
 12 Months Ended
Dec. 31, 2012
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share
The following sets forth basic and diluted earnings per common share available to IPG common stockholders.
 
Years ended December 31,
 
2012
 
2011
 
2010
Net income available to IPG common stockholders - basic
$
435.1

 
$
520.7

 
$
271.2

Adjustments: Effect of dilutive securities
 
 
 
 
 
     Interest on 4.25% Notes 1
0.3

 
1.4

 
1.4

     Interest on 4.75% Notes
4.1

 
4.1

 
4.0

Dividends on preferred stock
11.6

 
11.6

 
0.0

     Benefit from preferred stock repurchased 2
0.0

 
0.0

 
(21.7
)
Net income available to IPG common stockholders - diluted
$
451.1

 
$
537.8

 
$
254.9

 
 
 
 
 
 
 
 
 
 
 
 
Weighted-average number of common shares outstanding - basic
432.5

 
465.5

 
473.6

Add: Effect of dilutive securities
 
 
 
 
 
     Restricted stock, stock options and other equity awards
7.2

 
9.1

 
11.3

     4.25% Notes 1
7.9

 
33.0

 
32.2

     4.75% Notes
16.9

 
16.5

 
16.1

Preferred stock outstanding
16.9

 
16.5

 
0.0

     Preferred stock repurchased
0.0

 
0.0

 
8.9

 
 
 
 
 
 
Weighted-average number of common shares outstanding - diluted
481.4

 
540.6

 
542.1

 
 
 
 
 
 
 
 
 
 
 
 
Earnings per share available to IPG common stockholders - basic
$
1.01

 
$
1.12

 
$
0.57

Earnings per share available to IPG common stockholders - diluted
$
0.94

 
$
0.99

 
$
0.47

 
1 
We retired all of our outstanding 4.25% Notes in March 2012. For purposes of calculating diluted earnings per share for 2012, the potentially dilutive shares are pro-rated based on the period they were outstanding.
2 
For the year ended December 31, 2010, the benefit from the preferred stock repurchased is excluded from net income available to IPG common stockholders for purposes of calculating diluted earnings per share since the associated common shares, if converted, were dilutive. In addition, the benefit is also net of $4.0 of preferred dividends that were declared during the first quarter of 2010 and associated with the preferred stock repurchased.

The following table presents the potential shares excluded from the diluted earnings per share calculation because the effect of including these potential shares would be antidilutive.
 
Years ended December 31,
 
2012
 
2011
 
2010
Preferred stock outstanding
0.0

 
0.0

 
16.2

Securities excluded from the diluted earnings per share calculation
because the exercise price was greater than the average market price:
 
 
 
 
 
Stock options 1
6.6

 
8.9

 
15.6

 
1 
These options are outstanding at the end of the respective periods. In any period in which the exercise price is less than the average market price, these options have the potential to be dilutive, and application of the treasury stock method would reduce this amount.