Earnings per Share

3 Months Ended

Mar. 31, 2017

EARNINGS PER SHARE

Basic earnings per share are based on the weighted-average number of shares of common stock outstanding. Diluted earnings per share are based upon the weighted-average number of shares of common stock outstanding plus all potentially dilutive securities that were assumed to be converted into common shares at the beginning of the period under the treasury stock method. LP's potentially dilutive securities consist of restricted stock, restricted stock units, performance share awards, and SSARs.



Dollar and share amounts in millions, except per share amounts	Quarter Ended March 31,
	2017		2016
Numerator:
Net income	$	55.0	$	10.3
Denominator:
Denominator for basic earnings per share:
Weighted average common shares outstanding - basic	144.2		142.9
Effect of dilutive securities:
Dilutive effect of stock warrants	—		0.3
Dilutive effect of employee stock plans	1.7		2.0
Dilutive potential common shares	1.7		2.3
Denominator for diluted earnings per share:
Weighted average shares outstanding - diluted	145.9		145.2
Basic earnings per share:
Net income per share - basic	$	0.38	$	0.07
Diluted earnings per share:
Net income per share - diluted	$	0.38	$	0.07

For the quarter ended March 31, 2017 and 2016, restricted stock (shares or units), performance share awards, SSARs and warrants relating to approximately 0.6 million and 2.6 million shares of LP common stock were considered not in-the-money for purposes of LP's earnings per share calculation.