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Net Earnings Per Common Share (Tables)
3 Months Ended
Mar. 31, 2015
Earnings Per Share [Abstract]  
Calculation of Basic and Diluted Net Earnings Per Common Share

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

 

 

Three Months Ended

 

 

March 31,

 

(In millions, except per share amounts)

2015

 

 

2014(1)

 

Basic Net Earnings Per Common Share:

 

 

 

 

 

 

 

Numerator

 

 

 

 

 

 

 

Net earnings available to common stockholders

$

97.2

 

 

$

70.9

 

Distributed and allocated undistributed net loss to non-vested restricted

   stockholders

 

(0.6

)

 

 

(0.4

)

Distributed and allocated undistributed net earnings to common

   Stockholders

 

96.6

 

 

 

70.5

 

Distributed net earnings - dividends paid to common stockholders

 

(27.3

)

 

 

(27.7

)

Allocation of undistributed net earnings to common

   Stockholders

$

69.3

 

 

$

42.8

 

Denominator

 

 

 

 

 

 

 

Weighted average number of common shares outstanding - basic

 

208.9

 

 

 

206.7

 

Basic net earning per common share:

 

 

 

 

 

 

 

Distributed net earnings to common stockholders

$

0.13

 

 

$

0.13

 

Allocated undistributed net earnings to common stockholders

 

0.33

 

 

 

0.21

 

Basic net earnings per common share:

$

0.46

 

 

$

0.34

 

Diluted Net Earnings Per Common Share:

 

 

 

 

 

 

 

Numerator

 

 

 

 

 

 

 

Distributed and allocated undistributed net earnings to common

   Stockholders

$

96.6

 

 

$

70.5

 

Add: Allocated undistributed net earnings to non-vested restricted

   Stockholders

 

0.5

 

 

 

0.3

 

Less: Undistributed net earnings reallocated to non-vested restricted

   Stockholders

 

(0.5

)

 

 

(0.3

)

Net earnings available to common stockholders - diluted

$

96.6

 

 

$

70.5

 

Denominator

 

 

 

 

 

 

 

Weighted average number of common shares outstanding - basic

 

208.9

 

 

 

206.7

 

Effect of assumed issuance of Settlement agreement shares (2)

 

 

 

 

6.6

 

Effect of contingently issuable shares

 

1.2

 

 

 

0.6

 

Effect of non-vested restricted stock units

 

1.6

 

 

 

1.2

 

Weighted average number of common shares outstanding - diluted

 

211.7

 

 

 

215.1

 

Diluted net earnings per common share

$

0.46

 

 

$

0.33

 

 

 

(1)

Certain amounts have been revised to reflect the retrospective application of the Company’s change in inventory costing method for certain U.S. inventories to the FIFO method from the LIFO method. See Note 1, “Organization and Basis of Presentation-Changes in Accounting/Retrospective Application” for additional details regarding this accounting policy change.

(2)

For 2014, the shares included above represent the weighted average number of shares from January 1, 2014 through February 3, 2014.  The weighted average number of shares from February 4, 2014 through March 31, 2014 are included in the weighted average number of common shares outstanding-basic since they were issued on February 3, 2014 in connection with the Settlement agreement.