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Earning (Loss) Per Share
 12 Months Ended
Dec. 31, 2011
Earning (Loss) Per Share [Abstract]  
EARNINGS (LOSS) PER SHARE

NOTE 12 — EARNINGS (LOSS) PER SHARE

Earnings (loss) per share — basic is computed by dividing income or loss available to common stockholders by the weighted average number of shares of common stock outstanding for the period. Earnings (loss) per share — diluted reflects the potential dilution that could occur if options issued under stock-based compensation awards were converted into common stock. In 2011, 2010, and 2009, options to purchase 2.0 million, 1.9 million, and 2.1 million shares of the Company’s common stock had exercise prices that were greater than the average market price of those shares during the respective reporting periods. As a result, these shares are excluded from the earnings per share calculation as they are anti-dilutive.

 

The following is a reconciliation of net income (loss) to earnings per share — basic and diluted — at December 31 ($ in millions, except per share amounts):

Computation of Earnings (Loss) per Common Share

($ in millions, except per share data)

 

                         
    2011     2010     2009  

(Loss) income from continuing operations

   $ (14.4 )    $ (160.7 )    $ 19.8  

Gain (loss) from discontinued operations and disposal, net of tax

     0.2       (15.0 )      3.3  
   

 

 

    

 

 

    

 

 

  

Net (loss) income

   $ (14.2 )    $ (175.7 )    $ 23.1  
   

 

 

    

 

 

    

 

 

  

Average shares outstanding — basic

     62.2       57.6       48.6  

Dilutive effect of stock options and other

     -          -          -     
   

 

 

    

 

 

    

 

 

  

Diluted shares outstanding

     62.2       57.6       48.6  
   

 

 

    

 

 

    

 

 

  

(Loss) earnings from continuing operations per share

                        

Basic

   $ (0.23 )    $ (2.79 )    $ 0.41  
   

 

 

    

 

 

    

 

 

  

Diluted

   $ (0.23 )    $ (2.79 )    $ 0.41  
   

 

 

    

 

 

    

 

 

  

(Loss) earnings from discontinued operations per share

                        

Basic

   $ -        $ (0.26 )    $ 0.06  
   

 

 

    

 

 

    

 

 

  

Diluted

   $ -        $ (0.26 )    $ 0.06  
   

 

 

    

 

 

    

 

 

  

(Loss) earnings per share

                        

Basic

   $ (0.23 )    $ (3.05 )    $ 0.47  
   

 

 

    

 

 

    

 

 

  

Diluted

   $ (0.23 )    $ (3.05 )    $ 0.47