Earnings Per Share

12 Months Ended

Dec. 31, 2015

Note 7—Earnings Per Share

The Company's restricted shares and restricted stock units contain non-forfeitable 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 considering those are contingently issuable. Neither is considered to be participating security 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)	2015			2014			2013
Numerator:
Income from continuing operations	$	319.6		$	251.7		$	235.2
Less: dividends declared—common stock outstanding, restricted shares and restricted share units		(72.3	)		(61.2	)		(53.7	)

Undistributed earnings		247.3			190.5			181.5
Percent allocated to common shareholders(1)		99.3	%		99.5	%		99.5	%

		245.6			189.5			180.6
Add: dividends declared—common stock		71.4			60.4			53.4

Numerator for basic and diluted EPS	$	317.0		$	249.9		$	234.0


Denominator (in thousands):
Denominator for basic EPS: weighted-average common shares outstanding		64,844			64,170			63,471
Effect of dilutive securities:
Performance awards		253			362			416
Stock options		707			772			919

Denominator for diluted EPS: adjusted weighted-average common shares outstanding and assumed conversion		65,804			65,304			64,806


Per share income from continuing operations:
Basic	$	4.89		$	3.89		$	3.69


Diluted	$	4.82		$	3.83		$	3.61

(1)	Basic weighted-average common shares outstanding	64,844		64,170		63,471
	Basic weighted-average common shares outstanding, unvested restricted shares expected to vest and restricted share units	65,304		64,512		63,797

	Percent allocated to common shareholders	99.3	%	99.5	%	99.5	%

To calculate earnings per share for the 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 Loss from discontinued operations and the Net income were as follows:

(in millions)	2015		2014			2013
Income (loss) from discontinued operations attributable to common shareholders for basic and diluted earnings per share	$	0.1	$	(0.4	)	$	(25.4	)
Net income attributable to common shareholders for basic and diluted earnings per share	$	317.1	$	249.5		$	208.6
Antidilutive stock options excluded from EPS calculation(1)		257.5		—			—


(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 shares generated than the underlying award.