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Shareholders' Equity and Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2012
Shareholders' Equity and Stock-Based Compensation |
Computations of the components used for the calculation of basic and diluted earnings per share |
|  | Year Ended December 31, |
--- | --- | --- | ---
|  | 2012 |  | 2011 |  | 2010 |
Numerator: |  |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations |  | $ | (78.4 | ) | $ | 155.6 |  | $ | 178.0 |
Less: Net income (loss) attributable to noncontrolling interests |  |  | 2.8 |  |  | 5.0 |  |  | (2.8 | )
Income (loss) from continuing operations attributable to SPX Corporation common shareholders for calculating basic and diluted earnings per share |  | $ | (81.2 | ) | $ | 150.6 |  | $ | 180.8 |
Income from discontinued operations |  | $ | 340.4 |  | $ | 30.0 |  | $ | 24.8 |
Less: Net income (loss) attributable to noncontrolling interest |  |  | — |  |  | — |  |  | — |
Income from discontinued operations attributable to SPX Corporation common shareholders for calculating basic and diluted earnings per share |  | $ | 340.4 |  | $ | 30.0 |  | $ | 24.8 |
Denominator: |  |  |  |  |  |  |  |  |  |
Weighted-average number of common shares used in basic earnings per share |  |  | 50.031 |  |  | 50.499 |  |  | 49.718 |
Dilutive securities — Employee stock options and restricted stock units |  |  | — |  |  | 0.447 |  |  | 0.629 |
Weighted-average number of common shares and dilutive securities used in diluted earnings per share |  |  | 50.031 |  |  | 50.946 |  |  | 50.347 |
Schedule of components of the balance sheet caption, accumulated other comprehensive loss |
|  | December 31, |
--- | --- | --- | ---
|  | 2012 |  | 2011 |
Foreign currency translation adjustment |  | $ | 298.1 |  | $ | 199.7 |
Net unrealized losses on qualifying cash flow hedges, net of tax benefit of $2.5 and $2.9, respectively |  |  | (3.3 | ) |  | (4.4 | )
Net unrealized losses on available-for-sale securities, |  |  | (3.1 | ) |  | (1.5 | )
Pension and postretirement liability adjustment and other, net of tax benefit of $318.5 and $274.3, respectively(1) |  |  | (520.6 | ) |  | (440.3 | )
Accumulated other comprehensive loss |  | $ | (228.9 | ) | $ | (246.5 | )
(1) As of December 31, 2012 and 2011, included $3.8 for each year, related to our share of the pension liability adjustment for EGS.
Summary of common shares issued, treasury shares and shares outstanding |
|  | Common Stock Issued |  | Treasury Stock |  | Shares Outstanding |
--- | --- | --- | --- | --- | --- | --- | ---
Balance at December 31, 2009 |  |  | 97.284 |  |  | (47.916 | ) |  | 49.368 |
Stock options exercised |  |  | 0.238 |  |  | — |  |  | 0.238 |
Restricted stock and restricted stock units |  |  | 0.278 |  |  | 0.142 |  |  | 0.420 |
Other |  |  | 0.268 |  |  | — |  |  | 0.268 |
Balance at December 31, 2010 |  |  | 98.068 |  |  | (47.774 | ) |  | 50.294 |
Stock options exercised |  |  | 0.154 |  |  | — |  |  | 0.154 |
Restricted stock and restricted stock units |  |  | 0.209 |  |  | 0.145 |  |  | 0.354 |
Other |  |  | 0.271 |  |  | — |  |  | 0.271 |
Balance at December 31, 2011 |  |  | 98.702 |  |  | (47.629 | ) |  | 51.073 |
Stock options exercised |  |  | 0.174 |  |  | — |  |  | 0.174 |
Share repurchases |  |  | — |  |  | (3.606 | ) |  | (3.606 | )
Restricted stock and restricted stock units |  |  | 0.311 |  |  | 0.085 |  |  | 0.396 |
Other |  |  | 0.267 |  |  | — |  |  | 0.267 |
Balance at December 31, 2012 |  |  | 99.454 |  |  | (51.150 | ) |  | 48.304 |
Schedule of assumptions in determining the fair value of restricted stock awards granted |
|  | Annual expected stock price volatility |  | Annual expected dividend yield |  | Risk-free interest rate |  | Correlation between total shareholder return for SPX and S&P 500 Composite Index |
--- | --- | --- | --- | --- | --- | --- | --- | --- | ---
January 3, 2012: |  |  |  |  |  |  |  |  |  |  |  |  |
SPX Corporation |  |  | 44.3 | % |  | 1.60 | % |  | 0.44 | % |  | 0.7365 |
S&P 500 Composite Index |  |  | 23.1 | % |  | n/a |  |  | 0.44 | % |  |  |
March 1, 2011: |  |  |  |  |  |  |  |  |  |  |  |  |
SPX Corporation |  |  | 61.0 | % |  | 1.27 | % |  | 1.03 | % |  | 0.7559 |
S&P 500 Composite Index |  |  | 30.3 | % |  | n/a |  |  | 1.03 | % |  |  |
Schedule of restricted stock and restricted stock unit activity |
|  | Unvested Restricted Stock and Restricted Stock Units |  | Weighted-average Grant-Date Fair Value per share |
--- | --- | --- | --- | --- | ---
Outstanding at December 31, 2009 |  |  | 1.435 |  | $ | 51.75 |
Granted |  |  | 0.738 |  |  | 48.91 |
Vested |  |  | (0.626 | ) |  | 50.46 |
Forfeited |  |  | (0.031 | ) |  | 47.82 |
Outstanding at December 31, 2010 |  |  | 1.516 |  |  | 50.97 |
Granted |  |  | 0.836 |  |  | 62.72 |
Vested |  |  | (0.636 | ) |  | 51.47 |
Forfeited |  |  | (0.276 | ) |  | 67.21 |
Outstanding at December 31, 2011 |  |  | 1.440 |  |  | 54.38 |
Granted |  |  | 0.823 |  |  | 50.64 |
Vested |  |  | (0.264 | ) |  | 39.75 |
Forfeited |  |  | (0.064 | ) |  | 57.77 |
Outstanding at December 31, 2012 |  |  | 1.935 |  |  | 54.70 |
Schedule of stock option activity |
|  | Shares |  | Weighted- Average Exercise Price |
--- | --- | --- | --- | --- | ---
Options outstanding and exercisable at December 31, 2009 |  |  | 0.881 |  | $ | 59.86 |
Exercised |  |  | (0.238 | ) |  | 48.21 |
Terminated |  |  | (0.008 | ) |  | 90.23 |
Options outstanding and exercisable at December 31, 2010 |  |  | 0.635 |  |  | 63.82 |
Exercised |  |  | (0.154 | ) |  | 65.44 |
Terminated |  |  | (0.117 | ) |  | 89.10 |
Options outstanding and exercisable at December 31, 2011 |  |  | 0.364 |  |  | 54.87 |
Exercised |  |  | (0.174 | ) |  | 39.58 |
Terminated |  |  | (0.177 | ) |  | 69.42 |
Options outstanding and exercisable at December 31, 2012 |  |  | 0.013 |  |  | 62.45 |

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