Stockholders' Equity and Earnings Per Common Share

3 Months Ended

Mar. 31, 2015

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:

	Three Months Ended March 31
	2015		2014
	(in millions of dollars, except share data)
Numerator
Net Income	$	212.9	$	225.8
Denominator (000s)
Weighted Average Common Shares - Basic	251,467.4		259,408.5
Dilution for Assumed Exercises of Stock Options and Nonvested Stock Awards	767.5		1,301.4
Weighted Average Common Shares - Assuming Dilution	252,234.9		260,709.9
Net Income Per Common Share
Basic	$	0.85	$	0.87
Assuming Dilution	$	0.84	$	0.86

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 $34.08.

In computing earnings per share assuming dilution, only potential common shares that are dilutive (those that reduce earnings per share) are included. For the three month periods ended March 31, 2015 and 2014, approximately 0.9 million and a de minimis amount of potential common shares, respectively, were excluded in the computation of diluted earnings per share because the impact would be antidilutive, based on then current market prices.

Stockholders' Equity Disclosure

Common Stock

Our board of directors has authorized the repurchase of Unum Group's common stock under the following repurchase program, which has an expiration date of June 12, 2015.

	Authorized During
	December 2013
	(in millions of dollars)
Authorized Repurchase Amount	$	750.0
Remaining Repurchase Amount at March 31, 2015	$	321.5

Common stock repurchases, which are classified as treasury stock and accounted for using the cost method, were as follows:

	Three Months Ended March 31
	2015		2014
	(in millions)
Shares Repurchased	3.2		2.9
Cost of Shares Repurchased (1)	$	108.1	$	100.1

(1) Includes commissions of $0.1 million and a de minimis amount for the three month periods ended March 31, 2015 and 2014, respectively.

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.