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EARNINGS PER SHARE (Tables)
9 Months Ended
Sep. 30, 2012
Basic and Diluted Loss Per Share

following table provides a reconciliation of the data used in the calculation of basic and diluted earnings (loss) per share from continuing operations for the three and nine month periods ended September 30, 2012 and 2011. The presentation gives effect to the 1:2 Reverse Stock Split, which occurred after market close on October 31, 2011.

 

For the Periods Ended September 30    Three Months     Nine Months  
(in millions, except per share amounts)    2012      2011     2012      2011  

Income (loss) from continuing operations

   $ 60.8       $ (29.5   $ 87.7       $ (32.3

Weighted average common shares outstanding

     92.3         92.2        92.9         92.0   

Add: Weighted average restricted stock awards outstanding(a)

     0.2         0.5        0.3         0.6   

Basic weighted average common shares outstanding

     92.5         92.7        93.2         92.6   

Add: Dilutive impact of stock options

     1.0         N/A        1.1         N/A   

Diluted weighted average common shares outstanding

     93.5         92.7        94.3         92.6   

Basic earnings (loss) per share from continuing operations

   $ 0.66       $ (0.32   $ 0.94       $ (0.35

Diluted earnings (loss) per share from continuing operations

   $  0.65       $ (0.32   $  0.93       $ (0.35

 

  (a)

Restricted stock awards containing rights to non-forfeitable dividends which participate in undistributed earnings with common shareholders are considered participating securities for purposes of computing earnings per share.

Number of Shares Underlying Stock Options Excluded from the Computation of Diluted Earnings (Loss)

The following table provides the number of shares underlying stock options excluded from the computation of diluted earnings (loss) per share for the three and nine month periods ended September 30, 2012 and 2011 because they were anti-dilutive.

 

     Three Months      Nine Months  
For the Periods Ended September 30    2012      2011      2012      2011  

Anti-dilutive stock options

     2.9         1.8         1.9         1.6   

Average exercise price

   $ 21.05       $ 100.64       $ 21.45       $ 95.90   

Years of expiration

     2014-2022         2012-2021         2014-2022         2012-2021