Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2019

Component of income from continuing operations and share data used in basic and diluted earnings per share

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


	Three Months Ended September 30,									Nine Months Ended September 30,
(in millions, except share and per share amounts)	2019			2018			2019			2018
Income from continuing operations	$	139.3		$	96.9		$	369.7		$	269.5
Less: dividends declared	(28.3)			(24.1)			(74.5)			(69.7)
Undistributed earnings	111.0			72.8			295.2			199.8
Percent allocated to common shareholders⁽¹⁾	99.7		%	99.3		%	99.7		%	99.3		%
	110.7			72.3			294.3			198.4
Add: dividends declared on common stock, restricted share units and vested and deferred restricted and performance shares	28.2			23.8			74.3			69.0
Income from continuing operations attributable to common shares	$	138.9		$	96.1		$	368.6		$	267.4

Shares (in thousands):
Basic weighted-average shares outstanding	56,657			59,826			57,073			60,712
Effect of dilutive securities:
Performance awards	203			118			182			118
Stock options	475			385			366			346
Diluted weighted-average shares outstanding	57,335			60,329			57,621			61,176

Per share income from continuing operations attributable to common shares:
Basic	$	2.45		$	1.61		$	6.46		$	4.40
Diluted	$	2.42		$	1.59		$	6.40		$	4.37

⁽¹⁾ Basic weighted-average common shares outstanding (in thousands)	56,657			59,826			57,073			60,712
Basic weighted-average shares outstanding and unvested restricted shares expected to vest (in thousands)	56,837			60,227			57,253			61,113
Percent allocated to common shareholders	99.7		%	99.3		%	99.7		%	99.3		%

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)	2019		2018		2019		2018
(Loss) income from discontinued operations attributable to common shareholders for basic and diluted earnings per share	$	(1.4)	$	2.8	$	0.5	$	251.9
Net income attributable to common shareholders for basic and diluted earnings per share	137.5		98.9		369.1		519.3
Anti-dilutive stock options excluded from EPS calculation⁽¹⁾	—		327		3		604

⁽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.