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Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2016
Earnings Per Share  
Component of income from continuing operations and share data used in basic and diluted earnings per share

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

(in millions except share and per share amounts)

 

2016

 

2015

 

 

    

 

 

    

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$
68.5

 

$
39.5

 

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

 

 
(19.5)

 

 
(16.7)

 

Undistributed earnings

 

 
49.0

 

 
22.8

 

Percent allocated to common shareholders (1)

 

 
99.3

%  

 
99.5

%

 

 

 
48.6

 

 
22.7

 

Add: dividends declared - common stock

 

 
19.2

 

 
16.2

 

Numerator for basic and diluted EPS

 

$
67.8

 

$
38.9

 

 

 

 

 

 

 

 

 

Denominator (in thousands):

 

 

 

 

 

 

 

Denominator for basic EPS: weighted-average common shares outstanding 

 

 
64,018

 

 
64,876

 

Effect of dilutive securities:

 

 

 

 

 

 

 

Performance awards

 

 
325

 

 
220

 

Stock options

 

 
533

 

 
800

 

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

 

 
64,876

 

 
65,896

 

 

 

 

 

 

 

 

 

Per share income from continuing operations:

 

 

 

 

 

 

 

Basic

 

$
1.06

 

$
0.60

 

Diluted

 

$
1.05

 

$
0.59

 

 

 

 

 

 

 

 

 

(1)Basic weighted-average common shares outstanding

 

 
64,018

 

 
64,876

 

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

 

 
64,491

 

 
65,210

 

Percent allocated to common shareholders

 

 
99.3

%  

 
99.5

%

 

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

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

(in millions except share amounts presented in thousands)

 

2016

 

2015

 

    

 

 

    

 

 

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

 

$

 -

 

$
(0.1)

 

 

 

 

 

 

 

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

 

$
67.8

 

$
38.8

 

 

 

 

 

 

 

Antidilutive stock options excluded from EPS calculation (1)

 

 
544

 

 

 -

 

 

 

 

 

 

 

(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.