Earnings Per Share

9 Months Ended

Sep. 30, 2013

Earnings Per Share

9. Earnings Per Share

Basic earnings per common share (“EPS”) is calculated by dividing net income attributable to common stockholders by the weighted average number of shares of common stock outstanding during the reporting period. Diluted EPS is calculated using the treasury share method by giving effect to all potentially dilutive securities that were outstanding.

The computations of basic and diluted EPS are as follows (in millions, except per share data):

	Three months ended September 30,						Nine months ended September 30,
	2013			2012			2013			2012
Income from continuing operations	$	84.9		$	98.4		$	273.9		$	276.6
Loss from discontinued operations		(0.1	)		(2.2	)		(1.7	)		(2.3	)
Net income	$	84.8		$	96.2		$	272.2		$	274.3
Less: Preferred stock dividends		—			(0.1	)		—			(0.3	)
Income attributable to common stockholders — basic	$	84.8		$	96.1		$	272.2		$	274.0
Weighted average common shares outstanding — basic		162.5			158.6			161.6			157.9
Dilutive effect of conversion of convertible preferred stock		—			1.2			—			1.2
Dilutive effect of exercise of stock-based awards		1.3			1.6			1.3			1.5
Weighted average common shares outstanding — diluted		163.8			161.4			162.9			160.6
Basic Earnings (Loss) Per Common Share
Continuing operations	$	0.52		$	0.62		$	1.69		$	1.75
Discontinued operations		—			(0.01	)		(0.01	)		(0.01	)
Net income	$	0.52		$	0.61		$	1.68		$	1.74
Diluted Earnings (Loss) Per Common Share
Continuing operations	$	0.52		$	0.61		$	1.68		$	1.72
Discontinued operations		—			(0.01	)		(0.01	)		(0.01	)
Net income	$	0.52		$	0.60		$	1.67		$	1.71
Antidilutive shares excluded from weighted average number of common shares outstanding for diluted EPS		1.8			4.2			2.3			5.2