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Earnings per Share | 9 Months Ended
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Sep. 30, 2014
Earnings Per Share [Abstract] |
Earnings per Share | EARNINGS PER SHARE Basic earnings per share are based on the weighted-average number of shares of common stock outstanding. Diluted earnings per share are based upon the weighted-average number of shares of common stock outstanding plus all potentially dilutive securities that were assumed to be converted into common shares at the beginning of the period under the treasury stock method. This method requires that the effect of potentially dilutive common stock equivalents (stock options, stock settled stock appreciation rights, incentive shares and warrants) be excluded from the calculation of diluted earnings per share for the periods in which LP recognizes losses from continuing operations or at such time that the exercise prices of such awards are in excess of the weighted average market price of LP's common stock during these periods because the effect is anti-dilutive. Performance share awards are included in the calculation of earnings per share using the contingently issuable method. The following table sets forth the computation of basic and diluted earnings per share:
Dollar and share amounts in millions, except per share amounts | Quarter Ended September 30, |  | Nine Months Ended September 30,
2014 |  | 2013 |  | 2014 |  | 2013
Numerator: |  |  |  |  |  |  |
Income (loss) common shares: |  |  |  |  |  |  |
Income (loss) from continuing operations | $ | (18.3 | ) |  | $ | 37.5 |  |  | $ | (30.4 | ) |  | $ | 196.5 |
Income (loss) from discontinued operations | (2.1 | ) |  | 0.6 |  |  | (2.1 | ) |  | 1.0 |
Net income (loss) | $ | (20.4 | ) |  | $ | 38.1 |  |  | $ | (32.5 | ) |  | $ | 197.5 |
Denominator: |  |  |  |  |  |  |
Basic - weighted average common shares outstanding | 140.8 |  |  | 140.0 |  |  | 140.9 |  |  | 139.1 |
Dilutive effect of stock warrants | — |  |  | 1.8 |  |  | — |  |  | 2.5 |
Dilutive effect of stock plans | — |  |  | 2.2 |  |  | — |  |  | 2.5 |
Diluted shares outstanding | 140.8 |  |  | 144.0 |  |  | 140.9 |  |  | 144.1 |
Basic earnings per share: |  |  |  |  |  |  |
Income (loss) from continuing operations | $ | (0.13 | ) |  | $ | 0.27 |  |  | $ | (0.22 | ) |  | $ | 1.41 |
Income (loss) from discontinued operations | (0.01 | ) |  | — |  |  | (0.01 | ) |  | 0.01 |
Net income (loss) per share | $ | (0.14 | ) |  | $ | 0.27 |  |  | $ | (0.23 | ) |  | $ | 1.42 |
Diluted earnings per share: |  |  |  |  |  |  |
Income (loss) from continuing operations | $ | (0.13 | ) |  | $ | 0.26 |  |  | $ | (0.22 | ) |  | $ | 1.36 |
Income (loss) from discontinued operations | (0.01 | ) |  | — |  |  | (0.01 | ) |  | 0.01 |
Net income (loss) per share | $ | (0.14 | ) |  | $ | 0.26 |  |  | $ | (0.23 | ) |  | $ | 1.37 |
For the quarter and nine months ended September 30, 2014, stock options, warrants and SSARs relating to approximately 3.8 million and 2.5 million shares of LP common stock were considered anti-dilutive for purposes of LP's earnings per share calculation due to LP's loss position from continuing operations. For the quarter and nine months ended September 30, 2013, stock options and SSARs related to approximately 2.4 million and 2.3 million shares of LP common stock were considered not in-the-money for purposes of LP's earnings per share calculation. At September 30, 2014, outstanding warrants were exercisable to purchase approximately 1,462,119 shares. Subsequent to September 30, 2014, additional warrants were exercised reducing the outstanding warrants exercisable to purchase approximately 573,521 shares.

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