Stockholders' Equity and Earnings Per Common Share

12 Months Ended

Dec. 31, 2014

Stockholders' Equity and Earnings Per Common Share [Abstract]

Earnings Per Share Disclosure

Earnings Per Common Share

Net income per common share is determined as follows:

	Year Ended December 31
	2014		2013		2012
	(in millions of dollars, except share data)
Numerator
Net Income	$	413.4	$	858.1	$	894.4
Denominator (000s)
Weighted Average Common Shares - Basic	255,525.9		264,725.8		281,355.9
Dilution for Assumed Exercises of Stock Options and Nonvested Stock Awards	1,126.9		1,223.4		400.9
Weighted Average Common Shares - Assuming Dilution	256,652.8		265,949.2		281,756.8
Net Income Per Common Share
Basic	$	1.62	$	3.24	$	3.18
Assuming Dilution	$	1.61	$	3.23	$	3.17

We use the treasury stock method to account for the effect of outstanding stock options, nonvested restricted stock units, and nonvested performance share units on the computation of diluted earnings per share. Under this method, these potential common shares will each have a dilutive effect, as individually measured, when the average market price of Unum Group common stock during the period exceeds the exercise price of the stock options and the grant price of the nonvested restricted stock units and the nonvested performance share units. The outstanding stock options have exercise prices ranging from $11.37 to $26.29; the nonvested restricted stock units have grant prices ranging from $19.38 to $35.47; and the nonvested performance share units have grant prices ranging from $23.97 to $33.86. See Note 11.

In computing earnings per share assuming dilution, only potential common shares that are dilutive (those that reduce earnings per share) are included. Potential common shares not included in the computation of diluted earnings per share because the impact would be antidilutive, based on then current market prices, approximated 0.1 million, 0.1 million, and 2.5 million for the years ended December 31, 2014, 2013, and 2012, respectively.

Stockholders' Equity Disclosure

Common Stock

Our board of directors has authorized the repurchase of Unum Group's common stock under the following repurchase programs:

	Share Repurchase Program Authorized During
	December 2013		July 2012		February 2011
	(in millions of dollars)
Authorized Repurchase Amount	$	750.0	$	750.0	$	1,000.0
Remaining Repurchase Amount at Year End 2014	$	429.5	$	—	$	—

The December 2013 share repurchase program has an expiration date of June 12, 2015.

Common stock repurchases, which are classified as treasury stock until otherwise retired, were as follows:

	Year Ended December 31
	2014		2013		2012
	(in millions of dollars)
Shares Repurchased	8.7		11.2		23.6
Cost of Shares Repurchased (1)	$	300.6	$	318.6	$	500.6

(1) Includes commissions of $0.1 million, $0.2 million, and $0.6 million for the years ended December 31, 2014, 2013, and 2012, respectively.

In December 2014, we retired 60.0 million shares of our treasury stock with an average total cost of $1,451.7 million.

Preferred Stock

Unum Group has 25.0 million shares of preferred stock authorized with a par value of $0.10 per share. No preferred stock has been issued to date.