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Net Earnings (Loss) Per Common Share
 3 Months Ended
Mar. 31, 2013
Earnings Per Share [Abstract]  
Net Earnings (Loss) Per Common Share

(17) Net Earnings (Loss) Per Common Share

The following table shows the calculation of basic and diluted net earnings (loss) per common share under the two-class method.

 

     Three Months Ended  
     March 31,  
     2013     2012  

Basic Net Earnings (Loss) Per Common Share:

     

Numerator

     

Net earnings (loss) available to common stockholders

    $ 2.7      $ (6.0 ) 

Distributed and allocated undistributed net earnings (loss) to non-vested restricted stockholders

      (0.1 )      (0.1 ) 
  

 

 

    

 

 

  

Distributed and allocated undistributed net earnings (loss) to common stockholders

      2.6        (6.1 ) 

Distributed net earnings (loss) — dividends paid to common stockholders

      (25.3 )      (25.1 ) 
  

 

 

    

 

 

  

Allocation of undistributed net earnings (loss) to common stockholders

    $ (22.7 )    $ (31.2 ) 
  

 

 

    

 

 

  

Denominator(1)

     

Weighted average number of common shares outstanding — basic

      193.8        191.9   
  

 

 

    

 

 

  

Basic net earnings (loss) per common share:

     

Distributed net earnings (loss) to common stockholders

    $ 0.13      $ 0.13   

Allocated undistributed net earnings (loss) to common stockholders

      (0.12 )      (0.16 ) 
  

 

 

    

 

 

  

Basic net (loss) earnings per common share:

    $ 0.01      $ (0.03 ) 
  

 

 

    

 

 

  

Diluted Net Earnings (Loss) Per Common Share:

     

Numerator

     

Distributed and allocated undistributed net earnings (loss) to common stockholders

    $ 2.6      $ (6.1 ) 

Add: Allocated undistributed net earnings (loss) to non-vested restricted stockholders

      —           —      

Less: Undistributed net earnings (loss) reallocated to non-vested restricted stockholders

      —           —      
  

 

 

    

 

 

  

Net earnings (loss) available to common stockholders — diluted

    $ 2.6      $ (6.1 ) 
  

 

 

    

 

 

  

Denominator(1)

     

Weighted average number of common shares outstanding — basic

      193.8        191.9   

Effect of assumed issuance of Settlement agreement shares

      18.0        —      

Effect of non-vested restricted stock units

      0.9        —      
  

 

 

    

 

 

  

Weighted average number of common shares outstanding — diluted

      212.7        191.9   
  

 

 

    

 

 

  

Diluted net earnings (loss) per common share

    $ 0.01      $ (0.03 ) 
  

 

 

    

 

 

  

 

(1) In calculating diluted net earnings (loss) per common share for 2012, our diluted weighted average number of common shares outstanding excludes the effect of assumed issuance of shares under the Settlement agreement and non-vested restricted stock units as the effect was anti-dilutive.

PSU Awards

Since the PSU awards include contingently issuable shares that are based on a condition other than earnings or market price, they are included in the diluted weighted average number of common shares outstanding when we meet the performance conditions as of that date. However, in 2012, unvested PSU awards that met the performance conditions as of March 31, 2012 were not included in the diluted weighted average number of common shares outstanding for the three months ended March 31, 2012 as the effect was anti-dilutive.

SLO Awards

The shares or units associated with the 2013 SLO awards are considered contingently issuable shares and therefore are not included in the basic or diluted weighted average number of common shares outstanding for the three months ended March 31, 2013. These shares or units will not be included in the common shares outstanding until the final determination of the amount of annual incentive compensation is made in the first quarter of 2014. Once this determination is made, the shares or units will be included in both the basic and diluted weighted average number of common shares outstanding if the employee is retirement eligible or in the diluted weighted average number of common shares outstanding if the employee is not retirement eligible if the impact to diluted net earnings per common share is dilutive. The numbers of shares or units associated with SLO awards for the three months ended March 31, 2013 and 2012 were nominal and have not been included in the diluted weighted average number of common shares outstanding for the three months ended March 31, 2012 as the effect was anti-dilutive.