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Earnings Per Share (EPS) | 9 Months Ended
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Sep. 30, 2016
Earnings Per Share [Abstract] |
Earnings Per Share [Text Block] |
9. | EARNINGS PER SHARE (EPS)
We present earnings per share using the two-class method. This method allocates undistributed earnings between common shares and non-vested share based payment awards that entitle the holder to non-forfeitable dividend rights. Our participating securities include non-vested restricted stock units. The following table sets forth the computation of our basic and diluted EPS available to shareholders of common stock (excluding participating securities):
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, |  | September 30,
|  | 2016 |  | 2015 |  | 2016 |  | 2015
|  | (in millions, except per share data)
Numerator |  |  |  |  |  |  |  |
Net income |  | $ | 61.7 |  |  | $ | 60.9 |  |  | $ | 193.8 |  |  | $ | 172.7 |
Less: Net income attributable to participating securities |  | (1.4 | ) |  | (1.4 | ) |  | (4.4 | ) |  | (4.0 | )
Net income attributable to common shareholders - Basic |  | $ | 60.3 |  |  | $ | 59.5 |  |  | $ | 189.4 |  |  | $ | 168.7 |
Undistributed earnings reallocated to common shareholders under two step dilutive method |  | — |  |  | — |  |  | — |  |  | — |
Net income attributable to common shareholders - Dilutive |  | $ | 60.3 |  |  | $ | 59.5 |  |  | $ | 189.4 |  |  | $ | 168.7 |
Denominators |  |  |  |  |  |  |  |  |  |
Basic common shares outstanding - |  |  |  |  |  |  |  |  |  |
Weighted-average shares outstanding |  | 78.3 |  |  | 77.8 |  |  | 78.2 |  |  | 77.7 |
Less: Participating securities |  | (1.8 | ) |  | (1.8 | ) |  | (1.8 | ) |  | (1.8 | )
Weighted-average common shares outstanding |  | 76.5 |  |  | 76.0 |  |  | 76.4 |  |  | 75.9 |
Effect of dilutive securities - |  |  |  |  |  |  |  |  |  |
Dilutive stock-based compensation |  | 0.5 |  |  | 0.4 |  |  | 0.4 |  |  | 0.4 |
Diluted shares outstanding - |  |  |  |  |  |  |  |  |  |
Adjusted weighted-average shares after assumed conversions |  | 77.0 |  |  | 76.4 |  |  | 76.8 |  |  | 76.3 |
Basic EPS |  | $ | 0.79 |  |  | $ | 0.78 |  |  | $ | 2.48 |  |  | $ | 2.22 |
Diluted EPS |  | $ | 0.78 |  |  | $ | 0.78 |  |  | $ | 2.47 |  |  | $ | 2.21 |
Certain exercisable stock options were excluded from the computations of diluted EPS because the exercise price of these options was greater than the average period market prices. The number of stock options outstanding, which were not included in the calculation of diluted EPS, was 0.2 million, with an exercise price of $26.02, at both September 30, 2016 and September 30, 2015.

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