Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 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:


(in millions except per share amounts)	2020			2019			2018
Income from continuing operations	$	324.2		$	473.7		$	358.6
Less: dividends declared	(112.7)			(102.9)			(93.5)
Undistributed earnings	211.5			370.8			265.1
Percent allocated to common shareholders (1)	99.7		%	99.7		%	99.7		%
	210.9			369.7			264.3
Add: dividends declared to common shares, restricted share units and vested and deferred restricted and performance shares	112.2			102.7			93.1
Income from continuing operations attributable to common shareholders	$	323.1		$	472.4		$	357.4

Shares:
Basic weighted-average shares outstanding	54.5			56.9			60.4
Effect of dilutive securities:
Performance awards	0.3			0.2			0.1
Stock options	0.2			0.4			0.3
Diluted weighted-average shares outstanding	55.0			57.5			60.8

Per share income from continuing operations attributable to common shares:
Basic	$	5.93		$	8.30		$	5.92
Diluted	$	5.88		$	8.21		$	5.88

(1) Basic weighted-average shares outstanding	54.5			56.9			60.4
Basic weighted-average shares outstanding and unvested restricted shares expected to vest	54.7			57.1			60.6
Percent allocated to common shareholders	99.7		%	99.7		%	99.7		%

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

To calculate earnings per share for income from discontinued operations and for net income, the denominator for both basic and diluted earnings per share is the same as used in the above table.


(in millions)	2020		2019		2018
(Loss) income from discontinued operations attributable to common shareholders for basic and dilutive earnings per share	$	(4.1)	$	(0.9)	$	251.8
Net income attributable to common shareholders for basic and diluted earnings per share	319.0		471.5		609.2
Anti-dilutive stock options excluded from EPS calculation (1)	0.3		—		0.8

(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.