Earnings Per Share

12 Months Ended

Dec. 31, 2015

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 Years Ended December 31,
	2013		2014		2015
Numerator
Net income (controlling interest)	$	360.5	$	452.1	$	516.0
Interest expense on convertible securities, net of taxes	10.5		15.2		15.3
Net income (controlling interest), as adjusted	$	371.0	$	467.3	$	531.3
Denominator
Average shares outstanding (basic)	53.1		55.0		54.3
Effect of dilutive instruments:
Stock options and other awards	1.3		1.2		0.7
Forward sale	0.3		0.0		—
Junior convertible securities	2.0		2.2		2.2
Average shares outstanding (diluted)	56.7		58.4		57.2

During the years ended December 31, 2013, 2014 and 2015, the Company repurchased 0.1 million, 1.2 million and 1.7 million shares of common stock, respectively, at an average share price of $184.89, $204.72 and $209.39, respectively, under the share repurchase programs approved by the Company’s Board of Directors.

The diluted earnings per share calculations in the table above excluded the anti-dilutive effect of the following shares:



	For the Years Ended December 31,
	2013	2014	2015
Stock options and other awards	0.1	0.0	0.0
Senior convertible securities	2.1	—	—
Junior convertible securities	2.2	0.4	—

As discussed further in Note 20, the Company may settle portions of its Affiliate equity purchases in shares of its common stock. Because it is the Company’s intent to settle these potential repurchases in cash, the calculation of diluted earnings per share excluded any potential dilutive effect from possible share settlements.