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Basic And Diluted Earnings Per Common Share
 12 Months Ended
Dec. 31, 2011
Basic And Diluted Earnings Per Common Share [Abstract]  
Basic And Diluted Earnings Per Common Share

13.    BASIC AND DILUTED EARNINGS PER COMMON SHARE

For each of the years ended December 31, 2011, 2010 and 2009, all outstanding options to purchase shares of Revlon, Inc. Class A common stock, par value of $0.01 per share (the "Class A Common Stock"), that could potentially dilute basic earnings per share in the future were excluded from the calculation of diluted earnings per common share as their effect would be anti-dilutive, as in each case their exercise price was in excess of the NYSE closing price of the Class A Common Stock at all times during these periods.

For each of the years ended December 31, 2011, 2010 and 2009, 99,471; 280,877; and 968,156 shares, respectively, of unvested restricted stock that could potentially dilute basic earnings per share in the future were excluded from the calculation of diluted earnings per common share as their effect would be anti-dilutive.

The components of basic and diluted earnings per share for each of the years ended December 31, 2011, 2010 and 2009 are as follows:

 

     Years Ended December 31,  
     2011 (a)      2010 ( b )      2009  
     (shares in millions)  

Numerator:

         

Income from continuing operations

     $ 52.8        $ 327.0        $ 48.5   

Income from discontinued operations

      0.6         0.3         0.3   
  

 

 

     

 

 

     

 

 

  

Net income

    $ 53.4        $ 327.3        $ 48.8   
  

 

 

     

 

 

     

 

 

  

Denominator:

         

Weighted average common shares outstanding – Basic

      52.17         51.89         51.55   

Effect of dilutive restricted stock

      0.16         0.41         0.18   
  

 

 

     

 

 

     

 

 

  

Weighted average common shares outstanding – Diluted

      52.33         52.30         51.73   
  

 

 

     

 

 

     

 

 

  

Basic earnings per share:

         

Continuing operations

     $ 1.01        $ 6.30        $ 0.94   

Discontinued operations

      0.01         0.01         0.01   
  

 

 

     

 

 

     

 

 

  

Net income

     $ 1.02        $ 6.31        $ 0.95   
  

 

 

     

 

 

     

 

 

  

Diluted earnings per share:

         

Continuing operations

     $ 1.01        $ 6.25        $ 0.94   

Discontinued operations

      0.01         0.01         0.01   
  

 

 

     

 

 

     

 

 

  

Net income

     $ 1.02        $ 6.26        $ 0.94   
  

 

 

     

 

 

     

 

 

  

 

  (a) 

Basic and diluted earnings per share for the year ended December 31, 2011 were favorably impacted by an increase in net income driven by a non-cash benefit of $16.9 million related to the reduction of the Company's deferred tax valuation allowance on its net deferred tax assets for certain jurisdictions outside the U.S. at December 31, 2011 as a result of the Company's improved earnings trends and cumulative taxable income in those jurisdictions (See Note 12, "Income Taxes").

 

  (b) 

Basic and diluted earnings per share for the year ended December 31, 2010 were favorably impacted by an increase in net income driven by a non-cash benefit of $260.6 million related to the Company's net U.S. deferred tax assets at December 31, 2010, recognized through a reduction in the Company's deferred tax valuation allowances as a result of the Company achieving three cumulative years, as well as three consecutive years, of positive U.S. GAAP pre-tax income and taxable income in the U.S., and based upon the Company's then-current expectations for realization of such deferred tax benefits in the U.S. (See Note 12, "Income Taxes").