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Stockholders' Equity and Earnings Per Common Share | 3 Months Ended
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Mar. 31, 2013
Disclosure Text Block [Abstract] |
Stockholders' Equity and Earnings Per Common Share | Net income per common share is determined as follows:
| Three Months Ended March 31
| 2013 |  | 2012
| (in millions of dollars, except share data)
Numerator |  |  |
Net Income | $ | 212.6 |  |  | $ | 213.9 |
Denominator (000s) |  |  |
Weighted Average Common Shares - Basic | 269,361.1 |  |  | 290,429.5 |
Dilution for Assumed Exercises of Stock Options and Nonvested Stock Awards | 993.3 |  |  | 854.5 |
Weighted Average Common Shares - Assuming Dilution | 270,354.4 |  |  | 291,284.0 |
Net Income Per Common Share |  |  |
Basic | $ | 0.79 |  |  | $ | 0.74 |
Assuming Dilution | $ | 0.79 |  |  | $ | 0.73 |
We use the treasury stock method to account for the effect of outstanding stock options and nonvested stock awards on the computation of dilutive earnings per share. Under this method, these potential common shares will each have a dilutive effect, as individually measured, when the average market price of Unum Group common stock during the period exceeds the exercise price of the stock options and/or the grant price of the nonvested stock awards. The outstanding stock options have exercise prices ranging from $11.37 to $26.29, and the nonvested stock awards have grant prices ranging from $19.38 to $26.31. In computing earnings per share assuming dilution, only potential common shares that are dilutive (those that reduce earnings per share) are included. Potential common shares not included in the computation of dilutive earnings per share because their impact would be antidilutive, based on current market prices, approximated 0.4 million and 2.2 million shares of common stock for the three month periods ended March 31, 2013 and 2012, respectively. In July 2012 and February 2011, our board of directors authorized the repurchase of up to $750.0 million and $1.0 billion, respectively, of Unum Group's common stock. At December 31, 2012, no amounts were remaining for the purchase of shares under the February 2011 repurchase program. The July 2012 share repurchase program has an expiration date of January 2014, and the dollar value of shares remaining under the repurchase program was $454.9 million at March 31, 2013. For the three month periods ended March 31, 2013 and 2012 and for the year ended December 31, 2012, we repurchased 3.7 million, 7.5 million, and 23.6 million shares, respectively. Common stock repurchases are classified as treasury stock and accounted for using the cost method. Unum Group has 25,000,000 shares of preferred stock authorized with a par value of $0.10 per share. No preferred stock has been issued to date.

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