Earnings Per Share

3 Months Ended

Mar. 31, 2015

The calculation of basic earnings per share is based on the weighted average number of shares of the Company's common stock outstanding during the period. Diluted earnings per share is similar to basic earnings per share, but adjusts for the dilutive effect of the potential issuance of incremental shares of the Company's common stock. The following is a reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings per share available to common stockholders.



	For the Three Months Ended March 31,
	2014		2015
Numerator
Net income (controlling interest)	$	77.2	$	128.0
Convertible securities interest expense, net	—		3.8
Net income (controlling interest), as adjusted	$	77.2	$	131.8
Denominator
Average shares outstanding (basic)	53.7		54.8
Effect of dilutive instruments:
Stock options and restricted stock	1.3		0.8
Forward equity	0.2		—
Junior convertible securities	—		2.2
Average shares outstanding (diluted)	55.2		57.8

The diluted earnings per share calculations in the table above exclude restricted stock units for which performance or market conditions have not yet been met and the anti-dilutive effect of the following shares:



	For the Three Months Ended March 31,
	2014	2015
Stock options and restricted stock	0.3	0.1
Junior convertible securities	3.7	—

- Definition

The entire disclosure for earnings per share.

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