Earnings Per Share

9 Months Ended

Sep. 30, 2016

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 September 30,				For the Nine Months Ended September 30,
	2015		2016		2015		2016
Numerator
Net income (controlling interest)	$	107.7	$	109.2	$	362.0	$	321.1
Convertible securities interest expense, net	3.8		3.9		11.5		11.6
Net income (controlling interest), as adjusted	$	111.5	$	113.1	$	373.5	$	332.7
Denominator
Average shares outstanding (basic)	54.2		53.9		54.5		53.9
Effect of dilutive instruments:
Stock options and restricted stock	0.6		0.5		0.7		0.5
Junior convertible securities	2.2		2.2		2.2		2.2
Average shares outstanding (diluted)	57.0		56.6		57.4		56.6

The Company’s Board of Directors has periodically authorized share repurchase programs. For the nine months ended September 30, 2016, the Company repurchased 0.2 million shares of common stock, at an average share price of $161.16, all of which occurred in the first three months of the period.

Average shares outstanding (diluted) in the table above exclude the anti-dilutive effect of the following items:



	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2015	2016	2015	2016
Stock options and restricted stock units	0.0	0.5	0.0	0.7
Shares subject to forward sale agreement	—	2.0	—	2.0