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Net Earnings (Loss) per Common Share | 12 Months Ended
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Dec. 31, 2014
Earnings Per Share [Abstract] |
Net Earnings (Loss) per Common Share | Note 21 Net Earnings (Loss) per Common Share The following table sets forth the calculation of basic and diluted net earnings (loss) per common share under the two-class method for the three years ended December 31, 2014 in millions, except per share data:
| Year Ended December 31, |
(In millions, except per share amounts) | 2014 |  |  | 2013(2) |  |  | 2012(2) |
Basic Net Earnings (Loss) Per Common Share: |  |  |  |  |  |  |  |  |  |  |
Numerator |  |  |  |  |  |  |  |  |  |  |
Net earnings (loss) available to common stockholders | $ | 258.1 |  |  | $ | 125.8 |  |  | $ | (1,411.4 | )
Distributed and allocated undistributed net loss to non-vested restricted stockholders |  | (1.6 | ) |  |  | (0.7 | ) |  |  | (0.5 | )
Distributed and allocated undistributed net earnings (loss) to common stockholders |  | 256.5 |  |  |  | 125.1 |  |  |  | (1,411.9 | )
Distributed net earnings - dividends paid to common stockholders |  | (110.1 | ) |  |  | (101.3 | ) |  |  | (100.4 | )
Allocation of undistributed net earnings (loss) to common stockholders | $ | 146.4 |  |  | $ | 23.8 |  |  | $ | (1,512.3 | )
Denominator |  |  |  |  |  |  |  |  |  |  |
Weighted average number of common shares outstanding - basic |  | 210.0 |  |  |  | 194.6 |  |  |  | 192.8 |
Basic net earnings (loss) per common share: |  |  |  |  |  |  |  |  |  |  |
Distributed net earnings to common stockholders | $ | 0.52 |  |  | $ | 0.52 |  |  | $ | 0.52 |
Allocated undistributed net earnings (loss) to common stockholders |  | 0.70 |  |  | $ | 0.13 |  |  |  | (7.84 | )
Basic net earnings (loss) per common share: | $ | 1.22 |  |  | $ | 0.65 |  |  | $ | (7.32 | )
Diluted Net Earnings (Loss) Per Common Share: |  |  |  |  |  |  |  |  |  |  |
Numerator |  |  |  |  |  |  |  |  |  |  |
Distributed and allocated undistributed net earnings (loss) to common stockholders | $ | 256.5 |  |  | $ | 125.1 |  |  | $ | (1,411.9 | )
Add: Allocated undistributed net earnings to non-vested restricted stockholders |  | 1.0 |  |  |  | 0.2 |  |  |  | — |
Less: Undistributed net earnings (loss) reallocated to non-vested restricted stockholders |  | (0.9 | ) |  |  | (0.1 | ) |  |  | — |
Net earnings (loss) available to common stockholders - diluted | $ | 256.6 |  |  | $ | 125.2 |  |  | $ | (1,411.9 | )
Denominator |  |  |  |  |  |  |  |  |  |  |
Weighted average number of common shares outstanding - basic |  | 210.0 |  |  |  | 194.6 |  |  |  | 192.8 |
Effect of assumed issuance of Settlement agreement shares (1) |  | 1.6 |  |  |  | 18.0 |  |  |  | — |
Effect of contingently issuable shares (1) |  | 0.9 |  |  |  | 0.7 |  |  |  | — |
Effect of non-vested restricted stock units (1) |  | 1.4 |  |  |  | 0.9 |  |  |  | — |
Weighted average number of common shares outstanding - diluted |  | 213.9 |  |  |  | 214.2 |  |  |  | 192.8 |
Diluted net earnings (loss) per common share | $ | 1.20 |  |  | $ | 0.58 |  |  | $ | (7.32 | )
(1) | Provides for the following items if their inclusion is dilutive: (i) the effect of the issuance of 18 million shares of common stock reserved for the Settlement agreement as defined and (ii) the effect of non-vested restricted stock, restricted stock units and contingently issuable shares using the treasury stock method. In calculating diluted net (loss) earnings per common share for 2012, our diluted weighted average number of common shares outstanding excludes the effect of the items mentioned above as the effect was anti-dilutive.
(2) | During the fourth quarter of 2014, we changed the method of valuing our inventories that used the LIFO method to the FIFO method, so that all of our inventories are now valued at FIFO. As a result of this accounting change, net earnings (loss) available to common stockholders, basic earnings per share – continuing operations and diluted earnings per share – continuing operations, among other accounts, have been retrospectively changed. Refer to Note 2, “Summary of Significant Accounting Policies – Inventories,” for a discussion of our change in accounting policy.
PSU Awards We included contingently issuable shares using the treasury stock method for our PSU awards in the diluted weighted average number of common shares outstanding based on the number of contingently issuable shares that would be issued assuming the end of our reporting period was the end of the relevant PSU award contingency period. The calculation of diluted weighted average shares outstanding includes 1 million shares related to PSUs in both 2014 and 2013. There were no PSUs included in the calculation of diluted weighted average shares outstanding in 2012 as the inclusion of these shares would have been anti-dilutive. Stock Leverage Opportunity Awards (“SLO”) The shares or units associated with the 2014 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 year ended December 31, 2014. 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 2015. Once this determination is made, the shares or units will be included in diluted weighted average number of common shares outstanding if the impact to diluted net earnings per common share is dilutive. The numbers of shares or units associated with SLO awards for 2014 and 2013 were nominal.

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