XML 48 R14.htm IDEA: XBRL DOCUMENT v2.4.1.9
Earnings Per Share
 3 Months Ended
Mar. 31, 2015
Earnings Per Share  
Earnings Per Share

 

Note 7—Earnings Per Share

 

The Company’s unvested restricted shares and restricted stock units contain nonforfeitable rights to dividends and, therefore, are considered participating securities for purposes of computing earnings per share pursuant to the two-class method. The computation below of earnings per share excludes the income attributable to the unvested restricted shares and restricted stock units from the numerator and excludes the dilutive impact of those underlying shares from the denominator.  Stock options are included in the calculation of diluted earnings per share utilizing the treasury stock method and performance share awards are included in the calculation of diluted earnings per share considering those that are contingently issuable.  Neither is considered to be a participating security as they do not contain non-forfeitable dividend rights.

 

The following reflects the Income from continuing operations and share data used in the basic and diluted earnings per share computations using the two-class method:

 

 

 

Three Months Ended March 31,

 

(in millions except share and per share amounts)

 

2015

 

2014

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$
39.5

 

$
36.5

 

Less: dividends declared - common stock outstanding, restricted shares and restricted share units

 
(16.7

)
(14.2

)

Undistributed earnings

 
22.8

 
22.3

 

Percent allocated to common shareholders (1)

 
99.5

%
99.5

%

 

 
22.7

 
22.2

 

Add: dividends declared - common stock

 
16.2

 
14.1

 

Numerator for basic and diluted EPS

 

$
38.9

 

$
36.3

 

 

 

 

 

 

 

Denominator (in thousands):

 

 

 

 

 

Denominator for basic EPS: weighted-average common shares outstanding

 
64,876

 
63,878

 

Effect of dilutive securities:

 

 

 

 

 

Performance awards

 
220

 
280

 

Stock options

 
800

 
931

 

Denominator for diluted EPS: adjusted weighted-average common shares outstanding and assumed conversion

 
65,896

 
65,089

 

 

 

 

 

 

 

Per share income from continuing operations:

 

 

 

 

 

Basic

 

$
0.60

 

$
0.57

 

Diluted

 

$
0.59

 

$
0.56

 

 

 

 

 

 

 

 

(1)Basic weighted-average common shares outstanding

 
64,876 

 
63,878 

 

Basic weighted-average common shares outstanding, unvested restricted shares expected to vest and restricted share units

 
65,210 

 
64,189 

 

Percent allocated to common shareholders

 
99.5 

%
99.5 

%

 

To calculate earnings per share for Loss from discontinued operations and for Net income, the denominator for both basic and diluted earnings per share is the same as used in the above table.  Loss from discontinued operations and Net income were as follows:

 

 

 

Three Months Ended March 31,

 

(in millions)

 

2015

 

2014

 

 

 

 

 

 

 

Loss from discontinued operations attributable to common shareholders for basic and diluted earnings per share

 

$
(0.1

)

$
(0.7

)

 

 

 

 

 

 

Net income attributable to common shareholders for basic and diluted earnings per share

 

$
38.8

 

$
35.6