XML 79 R15.htm IDEA: XBRL DOCUMENT v2.4.0.8
Earnings Per Share
 12 Months Ended
Dec. 31, 2013
Earnings Per Share  
Earnings Per Share

Note 8—Earnings Per Share

        The Company's unvested restricted shares and restricted stock units contain nonforfeitable rights to dividends and, therefore, are considered participating securities for purposes of computing earnings per share pursuant to the two-class method. The computation below of earnings per share excludes the income attributable to the unvested restricted shares and restricted stock units from the numerator and excludes the dilutive impact of those underlying shares from the denominator. Stock options are included in the calculation of diluted earnings per share utilizing the treasury stock method and performance share awards are included in the calculation of diluted earnings per share using the contingently issuable method. Neither is considered to be participating securities as they do not contain non-forfeitable dividend rights.

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

In millions, except share and per share amounts
  2013   2012   2011  

Numerator:

                    

Income from continuing operations

   $ 235.2   $ 228.7   $ 172.0  

Less: dividends declared—common stock outstanding, unvested restricted shares and restricted share units

     (53.7 )   (48.0 )   (43.5 )
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Undistributed earnings

     181.5     180.7     128.5  

Percent allocated to common shareholders(1)

     99.5 %   99.4 %   99.0 %
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

     180.6     179.7     127.3  

Add: dividends declared—common stock

     53.4     47.7     43.1  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Numerator for basic and diluted EPS

   $ 234.0   $ 227.4   $ 170.4  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               

Denominator (in thousands):

                    

Denominator for basic EPS: weighted-average common shares outstanding

     63,471     62,513     61,457  

Effect of dilutive securities:

                    

Performance awards

     416     399     318  

Stock options

     919     698     720  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Denominator for diluted EPS: adjusted weighted average common shares outstanding and assumed conversion

     64,806     63,610     62,495  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               

Per share income from continuing operations:

                    

Basic

   $ 3.69   $ 3.64   $ 2.77  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               

Diluted

   $ 3.61   $ 3.57   $ 2.73  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               

 
    
    
    
    
  

(1)

  

Basic weighted-average common shares outstanding

     63,471     62,513     61,457  

 

  

Basic weighted-average common shares outstanding, unvested restricted shares expected to vest and restricted share units

     63,797     62,871     62,047  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

  

Percent allocated to common shareholders

     99.5 %   99.4 %   99.0 %
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   

        To calculate earnings per share for the Income (loss) 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. The Income (loss) from discontinued operations and the Net income were as follows:

In millions, except share amounts
  2013   2012   2011  

Income (loss) from discontinued operations attributable to common shareholders for basic and diluted earnings per share

   $ (25.4 ) $ 41.2   $ 8.2  

Net income attributable to common shareholders for basic and diluted earnings per share

   $ 208.6   $ 268.5   $ 178.6  

Antidilutive stock options excluded from EPS calculation(1)

     —     —     200.0  
(1)
Represents stock options excluded from the calculation of diluted earnings per share as such options had exercise prices in excess of the weighted-average market price of the Company's common stock during these periods. Amounts in thousands.