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Earnings (Loss) Per Share
 6 Months Ended
Jun. 30, 2012
Earnings (Loss) Per Share [Abstract]  
EARNINGS (LOSS) PER SHARE

8. 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. For the three-month periods ended June 30, 2012 and 2011, options to purchase 2.3 million and 1.8 million shares of the Company’s common stock, respectively, had exercise prices that were greater than the average market price of those shares during the respective reporting periods. For the six months ended June 30, 2012 and 2011, options to purchase 2.1 million and 1.5 million shares of the Company’s common stock, respectively, 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 (loss) per share calculation as they are anti-dilutive.

 

Computation of Earnings (Loss) per Common Share

 

                                 
    Three months ended
June 30,		     Six months ended
June 30,		  
(in millions, except per share data)   2012     2011     2012     2011  

Income from continuing operations

   $ 9.6     $ 5.7     $ 12.7     $ 3.3  

Loss from discontinued operations and disposal, net of tax

     (26.1 )      (1.3 )      (30.2 )      (4.7 ) 
   

 

 

    

 

 

    

 

 

    

 

 

  

Net (loss) income

   $ (16.5 )    $ 4.4     $ (17.5 )    $ (1.4 ) 
   

 

 

    

 

 

    

 

 

    

 

 

  

Weighted average shares outstanding — basic

     62.3       62.2       62.2       62.2  

Dilutive effect of common stock equivalents

     0.3       —         0.3       —    
   

 

 

    

 

 

    

 

 

    

 

 

  

Weighted average shares outstanding — diluted

     62.6       62.2       62.5       62.2  
   

 

 

    

 

 

    

 

 

    

 

 

  

Basic and diluted earnings (loss) per share:

                                

Income from continuing operations

   $ 0.15     $ 0.09     $ 0.20     $ 0.05  

Loss from discontinued operations and disposal, net of tax

     (0.41 )      (0.02 )      (0.48 )      (0.07 ) 
   

 

 

    

 

 

    

 

 

    

 

 

  

(Loss) earnings per share

   $ (0.26 )    $ 0.07     $ (0.28 )    $ (0.02 )