Earnings Per Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share [Abstract]

Earnings Per Share

13. Earnings Per Share

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

	Quarter Ended				Six Months Ended
	June 30,				June 30,
	2011		2010		2011		2010
Numerator:
Net income	$	4.5	$	0.1	$	15.8	$	8.9
Less: Net income attributable to participating securities1		—		—		—		(0.1	)
Net income available to common stockholders	$	4.5	$	0.1	$	15.8	$	8.8
Denominator — Weighted-average common shares outstanding (000):
Basic		18,984		18,917		18,962		19,710
Diluted		18,984		18,917		18,962		19,710
Earnings per common share:
Basic	$	0.24	$	0.01	$	0.83	$	0.45
Diluted	$	0.24	$	0.01	$	0.83	$	0.45

¹ Net income attributable to participating securities for a given period includes both distributed and undistributed net income, as applicable. Distributed net income attributed to participating securities represents dividend and dividend equivalents declared on the participating securities that the Company expects to ultimately vest. Undistributed net income for a given period, if any, is apportioned to common stockholders and participating securities based on the weighted average number of each class of securities outstanding during the applicable period as a percentage of the combined weighted average number of these securities outstanding during the period. Undistributed losses are not allocated to participating securities, however, as the holders of such securities do not have an obligation to fund net losses of the Company.

     Options to purchase 22,077 common shares at an average exercise price of $80.01 per share were outstanding for all earnings per share calculations presented above. The potential dilutive effect of such shares was zero for each of the periods presented. Warrants relating to approximately 3.6 million common shares at an average exercise price of approximately $61.36 per share remained outstanding through June 30, 2011. The potential dilutive effect of shares underlying the Warrants was zero for all earnings per share calculations presented above.

     During the six month periods ended June 30, 2011 and June 30, 2010, the Company paid approximately $9.4 ($0.48 per common share) and $9.6 ($0.48 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.

     In June 2008, the Company’s Board of Directors authorized the repurchase of up to $75.0 of the Company’s common shares, with repurchase transactions to occur in open market and privately negotiated transactions at such times and prices as deemed appropriate by management and to be funded with the Company’s excess liquidity after giving consideration to internal and external growth opportunities and cash flows. The Company repurchased 572,706 shares of common stock at a weighted-average price of $49.05 per share during the third quarter of 2008 for a total cost of $28.1, leaving $46.9 available for repurchase.

     During the first quarter of 2010, pursuant to a separate authorization from the Company’s Board of Directors, the Company repurchased $44.2, or 1,151,900 shares of our outstanding common stock, in privately negotiated, off-market transactions with purchasers of the Notes.