SHAREHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2012

Equity [Abstract]

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY

Common Stock Split

On February 15, 2012, the Board of Directors declared a two-for-one split of the Company's common stock to be accomplished by means of a stock distribution. The additional shares were distributed on March 16, 2012, to the shareholders of record on March 2, 2012. The stock split increased the Company's outstanding shares from approximately 35.5 million shares as of December 31, 2011 to about 71.0 million shares. Historical outstanding shares were recast upon the distribution.

Below are the effects of the stock split on the consolidated balance sheet (in millions):

December 31, 2011	Reported			Adjustment			As Recast
Shareholders' Equity
Preferred stock	$	—					$	—
Common stock	37.9			37.8			75.7
Capital in excess of par value	840.0			(37.8		)	802.2
Treasury stock (common), at cost	(125.3		)				(125.3		)
Accumulated other comprehensive loss	(390.0		)				(390.0		)
Retained earnings	810.6						810.6
	$	1,173.2		$	—		$	1,173.2

Common Stock Repurchase

In September 2012, the Board of Directors authorized a new $250 million share repurchase program, which does not have an expiration date. No share repurchase activity occurred under the new program during the three and nine months ended September 30, 2012. In February 2012, the Board of Directors authorized a $50 million share repurchase program, which was completed in September 2012. In June 2011, the Board of Directors authorized a $50 million share repurchase program, which was completed in January 2012. In June 2010, the Board of Directors authorized a $50 million share repurchase program, which was completed in April 2011.

Share repurchase activity (in millions, except share amounts):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012			2011
	Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount
2012 Repurchase Program	728,101	$	25.4	—	$	—	1,437,101	$	50.0	—	$	—
2011 Repurchase Program	—	—		974,000	28.3		46,340	1.7		1,037,000	30.4
2010 Repurchase Program	—	—		—	—		—	—		1,023,600	31.2
	728,101	$	25.4	974,000	$	28.3	1,483,441	$	51.7	2,060,600	$	61.6

Retirement of Treasury Shares

In February 2012, the Company retired 4,829,834 common shares that had been held in treasury.  This action did not impact the total number of common shares outstanding.

Earnings Per Share

Diluted EPS is calculated by dividing net income by the average common shares outstanding plus additional common shares that would have been outstanding assuming the exercise of in-the-money stock options and restricted stock units, using the treasury-stock method. For the three months ended September 30, 2012 and 2011, 0.2 million and 0.2 million stock options, respectively, were excluded from the calculation of diluted EPS because they were antidilutive. Antidilutive shares for the nine months ended September 30, 2012 and 2011 were 0.2 million and 0.3 million, respectively.