Earnings Per Share

3 Months Ended

Mar. 31, 2013

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

Basic and diluted earnings per share were calculated as follows, for each period presented:

	Quarter Ended
	March 31,
	2013		2012
Numerator:
Net income	$	33.5	$	26.5
Denominator — Weighted-average common shares outstanding (in thousands)1:
Basic	19,143		19,059
Diluted	19,366		19,161
Earnings per common share, Basic:
Net income per share	$	1.75	$	1.39
Earnings per common share, Diluted:
Net income per share	$	1.73	$	1.38

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¹  The basic weighted-average number of common shares outstanding during the period excludes unvested share-based payment awards. The diluted weighted-average number of common shares outstanding during the period is calculated using the treasury method.

Options to purchase 20,791 common shares at an average exercise price of $80.01 per share were outstanding at both March 31, 2013 and December 31, 2012. The potential dilutive effect of options outstanding was zero for each of the periods presented. Warrants relating to approximately 3.6 million common shares at an average exercise price of approximately $61.25 per share at March 31, 2013 were outstanding. The potential dilutive effect of shares underlying the Warrants was 91,779 shares for the quarter ended March 31, 2013.

During the quarters ended March 31, 2013 and March 31, 2012, the Company paid approximately $5.9 ($0.30 per common share) and $4.9 ($0.25 per common share), respectively, in cash dividends to stockholders, including the holders of restricted stock, and dividend equivalents to the holders of restricted stock units and to the holders of performance shares with respect to approximately one-half of the performance shares.

At March 31, 2013 and December 31, 2012, $30.7 and $46.9, respectively, were available for repurchases of the Company’s common shares under an outstanding stock repurchase authorization by the Company’s Board of Directors. The Company repurchased 259,596 shares of common stock at a weighted-average price of $62.62 per share pursuant to this authorization during the quarter ended March 31, 2013. The total cost of $16.2 was recorded as Treasury Stock.