Stockholders' Equity and Earnings Per Common Share

12 Months Ended

Dec. 31, 2019

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
	2019		2018		2017
	(in millions of dollars, except share data)
Numerator
Net Income	$	1,100.3	$	523.4	$	994.2
Denominator (000s)
Weighted Average Common Shares - Basic	209,728.9		219,635.6		226,492.4
Dilution for Assumed Exercises of Stock Options and Nonvested Stock Awards	125.5		423.0		842.8
Weighted Average Common Shares - Assuming Dilution	209,854.4		220,058.6		227,335.2
Net Income Per Common Share
Basic	$	5.25	$	2.38	$	4.39
Assuming Dilution	$	5.24	$	2.38	$	4.37

We compute basic earnings per share by dividing net income by the weighted average number of common shares outstanding for the period. In computing earnings per share assuming dilution, we include potential common shares that are dilutive (those that reduce earnings per share). 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. Potential common shares not included in the computation of diluted earnings per share because the impact would be antidilutive, approximated 1.1 million, 0.6 million, and 0.3 million for the years ended December 31, 2019, 2018, and 2017, respectively. See Note 11 for further discussion of our stock-based compensation plans.

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
	May 2019		May 2018		May 2017
	(in millions of dollars)
Authorized Repurchase Amount	$	750.0	$	750.0	$	750.0
Remaining Repurchase Amount at Year End 2019	$	516.2	$	—	$	—

The May 2019 share repurchase program has an expiration date of November 23, 2020.

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

	Year Ended December 31
	2019		2018		2017
	(in millions)
Shares Repurchased	12.3		8.7		8.2
Cost of Shares Repurchased (1)	$	400.4	$	350.7	$	400.4

(1) Includes commissions of $0.4 million, $0.7 million, and $0.3 million for the years ended December 31, 2019, 2018, and 2017, 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.