Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2020

Component of income from continuing operations and share data used in basic and diluted earnings per share

Income from continuing operations and share data used in the basic and diluted earnings per share computations using the two-class method follows:


	Three Months Ended September 30,									Nine Months Ended September 30,
(in millions, except per share amounts)	2020			2019			2020			2019
Income from continuing operations	$	102.3		$	139.3		$	239.5		$	369.7
Less: dividends declared	(28.7)			(28.3)			(84.7)			(74.5)
Undistributed earnings	73.6			111.0			154.8			295.2
Percent allocated to common shareholders⁽¹⁾	99.7		%	99.7		%	99.7		%	99.7		%
	73.4			110.7			154.3			294.3
Add: dividends declared on common stock, restricted share units and vested and deferred restricted and performance shares	28.4			28.2			84.3			74.3
Income from continuing operations attributable to common shares	$	101.8		$	138.9		$	238.6		$	368.6

Shares:
Basic weighted-average shares outstanding	54.1			56.7			54.9			57.1
Effect of dilutive securities:
Performance awards	0.2			0.2			0.2			0.2
Stock options	0.2			0.4			0.3			0.3
Diluted weighted-average shares outstanding	54.5			57.3			55.4			57.6

Per share income from continuing operations attributable to common shares:
Basic	$	1.88		$	2.45		$	4.35		$	6.46
Diluted	$	1.87		$	2.42		$	4.31		$	6.40

⁽¹⁾ Basic weighted-average common shares outstanding	54.1			56.7			54.9			57.1
Basic weighted-average shares outstanding and unvested restricted shares expected to vest	54.3			56.8			55.1			57.3
Percent allocated to common shareholders	99.7		%	99.7		%	99.7		%	99.7		%

Component of income (loss) from discontinued operations and share data used in basic and diluted earnings per share


	Three Months Ended September 30,						Nine Months Ended September 30,
(in millions)	2020		2019		2020		2019
(Loss) income from discontinued operations attributable to common shareholders for basic and diluted earnings per share	$	—	$	(1.4)	$	—	$	0.5
Net income attributable to common shareholders for basic and diluted earnings per share	101.8		137.5		238.6		369.1
Anti-dilutive stock options excluded from EPS calculation⁽¹⁾	0.4		—		0.3		—

⁽¹⁾Represents stock options excluded from the calculation of diluted earnings per share, as such options’ assumed proceeds upon exercise would result in the repurchase of more shares than the underlying award.