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Earnings Per Share | 9 Months Ended
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Sep. 30, 2018
Earnings Per Share [Abstract] |
Earnings Per Share | Earnings Per Share The Company’s restricted shares and restricted stock units contain non-forfeitable rights to dividends and are considered participating securities for purposes of computing earnings per share pursuant to the two-class method. The computation below of earnings per share includes the income attributable to the vested and deferred restricted shares in the numerator and includes the dilutive impact of those underlying shares in the denominator. 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 are contingently issuable. Neither is considered to be a participating security as they do not contain non-forfeitable dividend rights. The following reflects 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 September 30, |  |  |  | Nine Months Ended September 30, |  |
(in millions, except share and per share amounts) |  | 2018 |  | 2017 |  | 2018 |  | 2017
Income from continuing operations |  | $ | 96.9 |  | $ | 79.1 |  | $ | 269.5 |  | $ | 231.7
Less: dividends declared on common stock outstanding, restricted shares and restricted share units |  | (24.1) |  | (23.2) |  | (69.7) |  | (69.0)
Undistributed earnings |  | 72.8 |  | 55.9 |  | 199.8 |  | 162.7
Percent allocated to common shareholders1 |  | 99.3 | % |  | 99.3 | % |  | 99.3 | % |  | 99.4 | %
|  | 72.3 |  | 55.5 |  | 198.4 |  | 161.6
Add: dividends declared on common stock |  | 23.8 |  | 23.2 |  | 69.0 |  | 68.1
Income from continuing operations attributable to common shares |  | $ | 96.1 |  | $ | 78.7 |  | $ | 267.4 |  | $ | 229.7
Shares (in thousands): |  |  |  |  |  |  |  |
Weighted-average common shares outstanding |  | 59,826 |  | 62,432 |  | 60,712 |  | 63,503
Effect of dilutive securities: |  |  |  |  |  |  |  |
Performance awards |  | 118 |  | 82 |  | 118 |  | 82
Stock options |  | 385 |  | 283 |  | 346 |  | 331
Adjusted weighted-average common shares outstanding and assumed conversion |  | 60,329 |  | 62,797 |  | 61,176 |  | 63,916
Per share income from continuing operations attributable to common shares: |  |  |  |  |  |  |  |
Basic |  | $ | 1.61 |  | $ | 1.27 |  | $ | 4.40 |  | $ | 3.62
Diluted |  | $ | 1.59 |  | $ | 1.26 |  | $ | 4.37 |  | $ | 3.60
1. Basic weighted-average common shares outstanding |  | 59,826 |  | 62,432 |  | 60,712 |  | 63,503
Basic weighted-average common shares outstanding, unvested restricted shares expected to vest and restricted share units |  | 60,227 |  | 62,846 |  | 61,113 |  | 63,918
Percent allocated to common shareholders |  | 99.3 | % |  | 99.3 | % |  | 99.3 | % |  | 99.4 | %
To calculate earnings per share for income 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. Income from discontinued operations and net income used in the basic and diluted earnings per share computations follows:
|  | Three Months Ended September 30, |  |  |  | Nine Months Ended September 30, |  |
(in millions, except share amounts presented in thousands) |  | 2018 |  | 2017 |  | 2018 |  | 2017
Income from discontinued operations attributable to common shareholders for basic and diluted earnings per share |  | $ | 2.8 |  | $ | 7.2 |  | $ | 251.9 |  | $ | 18.6
Net income attributable to common shareholders for basic and diluted earnings per share |  | 98.9 |  | 85.9 |  | 519.3 |  | 248.4
Anti-dilutive stock options excluded from EPS calculation1 |  | 327 |  | 377 |  | 604 |  | 328
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.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 + Details
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