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Income from Continuing Operations Per Unrestricted Share
 6 Months Ended
Jun. 30, 2011
Earnings Per Share [Abstract]  
Income from Continuing Operations Per Unrestricted Share
Note 8 - Income (Loss) from Continuing Operations Per Unrestricted Share
The Company’s awards of restricted stock contain a right to receive non-forfeitable dividends and participate in the undistributed earnings with common shareholders. Accordingly, the Company is required to apply the two-class method of computing basic and diluted earnings per share. A reconciliation of the numerator and denominator used in the calculation of Basic Income (Loss) from Continuing Operations Per Unrestricted Share and Diluted Income (Loss) from Continuing Operations Per Unrestricted Share for the six and three months ended June 30, 2011 and 2010 is as follows:


 
 
Six Months Ended
 
Three Months Ended
 
 
Jun 30,

2011
 
Jun 30,

2010
 
Jun 30,

2011
 
Jun 30,

2010
(Dollars in Millions)
 
 
 
 
 
 
 
 
Income (Loss) from Continuing Operations
 
$
54.3


 
$
86.8


 
$
(1.5
)
 
$
39.1


Less Income from Continuing Operations Attributed to Restricted Shares
 
0.2


 
0.4


 
—


 
0.2


Income (Loss) from Continuing Operations Attributed to Unrestricted Shares
 
54.1


 
86.4


 
(1.5
)
 
38.9


Dilutive Effect on Income of Unitrin Share-based Compensation Equivalent Shares
 
—


 
—


 
—


 
—


Diluted Income (Loss) from Continuing Operations Attributed to Unrestricted Shares
 
$
54.1


 
$
86.4


 
$
(1.5
)
 
$
38.9


(Shares in Thousands)
 
 
 
 
 
 
 
 
Weighted-Average Unrestricted Shares Outstanding
 
60,398.1


 
62,070.0


 
60,118.7


 
61,985.2


Unitrin Share-based Compensation Equivalent Shares
 
115.4


 
90.1


 
—


 
98.9


Weighted-Average Unrestricted Shares and Equivalent Shares Outstanding Assuming Dilution
 
60,513.5


 
62,160.1


 
60,118.7


 
62,084.1


(Per Unrestricted Share in Whole Dollars)
 
 
 
 
 
 
 
 
Basic Income (Loss) from Continuing Operations Per Unrestricted Share
 
$
0.89


 
$
1.39


 
$
(0.03
)
 
$
0.63


Diluted Income (Loss) from Continuing Operations Per Unrestricted Share
 
$
0.89


 
$
1.39


 
$
(0.03
)
 
$
0.63






Options outstanding to purchase 3.4 million shares of Unitrin common stock were excluded from the computation of Unitrin Share-based Compensation Equivalent Shares and Weighted-Average Unrestricted Shares and Equivalent Shares Outstanding Assuming Dilution for the six months ended June 30, 2011 because their exercise prices exceeded the average market price. Options outstanding to purchase 3.4 million shares of Unitrin common stock were excluded from the computation of Unitrin Share-based Compensation Equivalent Shares and Weighted-Average Unrestricted Shares and Equivalent Shares Outstanding Assuming Dilution for the three months ended June 30, 2011, because the effect of inclusion would be anti-dilutive and their exercise prices exceeded the average market price. Options outstanding to purchase 4.3 million and 4.1 million shares of Unitrin common stock were excluded from the computation of Unitrin Share-based Compensation Equivalent Shares and Weighted-Average Unrestricted Shares and Equivalent Shares Outstanding Assuming Dilution for the six and three months ended June 30, 2010, respectively, because their exercise prices exceeded the average market price.