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Earnings Per Share (Tables)
 9 Months Ended
Sep. 30, 2016
Earnings Per Share  
Component of income from continuing operations and share data used in basic and diluted earnings per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

(in millions except share and per share amounts)

    

2016

    

2015

    

2016

    

2015

 

(Loss) income from continuing operations

 

$
(9.5)

 

$
103.6

 

$
174.3

 

$
237.9

 

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

 

 
(22.8)

 

 
(19.6)

 

 
(61.8)

 

 
(52.7)

 

Undistributed earnings

 

 
(32.3)

 

 
84.0

 

 
112.5

 

 
185.2

 

Percent allocated to common shareholders (1)

 

 
99.3

%  

 
99.5

%

 
99.3

%  

 
99.5

%

 

 

 
(32.1)

 

 
83.6

 

 
111.7

 

 
184.3

 

Add: dividends declared - common stock

 

 
22.6

 

 
19.5

 

 
61.1

 

 
52.0

 

(Loss) income from continuing operations attributable to common shares

 

$
(9.5)

 

$
103.1

 

$
172.8

 

$
236.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding 

 

 
64,353

 

 
64,970

 

 
64,206

 

 
64,952

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Performance awards

 

 

 -

(2)

 
348

 

 
252

 

 
348

 

Stock options

 

 

 -

(2)

 
669

 

 
421

 

 
752

 

Adjusted weighted-average common shares outstanding and assumed conversion

 

 
64,353

 

 
65,987

 

 
64,879

 

 
66,052

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per share (loss) income from continuing operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$
(0.15)

 

$
1.59

 

$
2.69

 

$
3.64

 

Diluted

 

$
(0.15)

 

$
1.56

 

$
2.66

 

$
3.58

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Basic weighted-average common shares outstanding

 

 
64,353

 

 
64,970

 

 
64,206

 

 
64,952

 

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

 

 
64,809

 

 
65,304

 

 
64,662

 

 
65,286

 

Percent allocated to common shareholders

 

 
99.3

%  

 
99.5

%

 
99.3

%  

 
99.5

%

(1)

Performance awards and stock options representing approximately 252,000 and 326,000 shares, respectively, for third-quarter 2016 were excluded from adjusted weighted-average common shares outstanding and assumed conversion for purposes of calculating diluted per share loss from continuing operations as they were anti-dilutive.

 

Component of income (loss) from discontinued operations and share data used in basic and diluted earnings per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

(in millions except share amounts presented in thousands)

    

2016

    

2015

    

2016

    

2015

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

 

$
(0.3)

 

$

 -

 

$
(0.4)

 

$

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$
(9.8)

 

$
103.1

 

$
172.4

 

$
236.3

 

 

 

 

 

 

 

 

 

 

 

 

 

Anti-dilutive stock options excluded from EPS calculation (1)

 

 
1

 

 

 -

 

 
125

 

 

 -

(1)

Represents stock options excluded from the calculation of diluted earnings per share as such options’ assumed proceeds upon exercise would result in the repurchase of more shares than the underlying award.