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Earnings Per Share
 12 Months Ended
Dec. 31, 2018
Earnings Per Share [Abstract]  
Earnings Per Share —Earnings Per Share
 
The Company’s restricted shares 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 excludes income attributable to the unvested restricted shares from the numerator and excludes the dilutive impact of those underlying share from denominator.

The computation below of earnings per share includes the income attributable to the vested and deferred restricted shares and restricted stock units in the numerator and includes the dilutive impact of those underlying shares in 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.
 
Income from continuing operations and share data used in the basic and diluted earnings per share computations using the two‑class method follows:
(in millions except share and per share amounts)
 
2018
 
2017
 
2016
Income from continuing operations
 
$
358.6

 
$
340.6

 
$
231.1

Less: dividends declared
 
(93.5
)
 
(92.1
)
 
(84.5
)
Undistributed earnings
 
265.1

 
248.5

 
146.6

Percent allocated to common shareholders (1)
 
99.7
%
 
99.3
%
 
99.3
%
 
 
264.3

 
246.8

 
145.6

Add: dividends declared to common shares, restricted share units and vested and deferred restricted and performance shares
 
93.1

 
90.9

 
83.6

Income from continuing operations attributable to common shareholders
 
$
357.4

 
$
337.7

 
$
229.2

 
 
 
 
 
 
 
Shares (in thousands):
 
 

 
 

 
 

Basic weighted-average shares outstanding 
 
60,393

 
63,073

 
64,226

Effect of dilutive securities:
 
 

 
 

 
 

Performance awards
 
83

 
137

 
257

Stock options
 
310

 
341

 
400

Diluted weighted-average shares outstanding
 
60,786

 
63,551

 
64,883

 
 
 
 
 
 
 
Per share income from continuing operations attributable to common shares:
 
 

 
 

 
 

Basic
 
$
5.92

 
$
5.36

 
$
3.57

Diluted
 
$
5.88

 
$
5.32

 
$
3.53

 
 
 
 
 
 
 
(1) Basic weighted-average shares outstanding (in thousands)
 
60,393

 
63,073

 
64,226

Basic weighted-average shares outstanding and unvested restricted shares expected to vest (in thousands)
 
60,561

 
63,513

 
64,682

Percent allocated to common shareholders
 
99.7
%
 
99.3
%
 
99.3
%


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.
(in millions except share amounts presented in thousands)
 
2018
 
2017
 
2016
Income from discontinued operations attributable to common shareholders for basic and dilutive earnings per share
 
$
251.8

 
$
24.8

 
$
18.8

Net income attributable to common shareholders for basic and diluted earnings per share
 
$
609.2

 
$
362.4

 
$
248.0

Anti-dilutive stock options excluded from EPS calculation (1)
 
813.0

 
320.6

 
23.1

(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.