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Net Earnings per Common Share (Tables)
12 Months Ended
Dec. 31, 2015
Earnings Per Share [Abstract]  
Calculation of Basic and Diluted 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, 2015 in millions, except per share data:

 

 

 

Year Ended December 31,

 

(In millions, except per share amounts)

 

2015

 

 

2014

 

 

2013

 

Basic Net Earnings Per Common Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings available to common stockholders

 

$

335.4

 

 

$

258.1

 

 

$

125.8

 

Distributed and allocated undistributed net earnings to non-

   vested restricted stockholders

 

 

(2.2

)

 

 

(1.6

)

 

 

(0.7

)

Distributed and allocated undistributed net earnings to

   common stockholders

 

 

333.2

 

 

 

256.5

 

 

 

125.1

 

Distributed net earnings - dividends paid to common

   stockholders

 

 

(106.2

)

 

 

(110.1

)

 

 

(101.3

)

Allocation of undistributed net earnings to common

   stockholders

 

$

227.0

 

 

$

146.4

 

 

$

23.8

 

Denominator

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding - basic

 

 

203.9

 

 

 

210.0

 

 

 

194.6

 

Basic net earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Distributed net earnings to common stockholders

 

$

0.52

 

 

$

0.52

 

 

$

0.52

 

Allocated undistributed net earnings to common

   stockholders

 

 

1.11

 

 

 

0.70

 

 

 

0.13

 

Basic net earnings per common share:

 

$

1.63

 

 

$

1.22

 

 

$

0.65

 

Diluted Net Earnings Per Common Share:

 

 

 

 

 

 

 

 

 

 

 

 

Numerator

 

 

 

 

 

 

 

 

 

 

 

 

Distributed and allocated undistributed net earnings to

   common stockholders

 

$

333.2

 

 

$

256.5

 

 

$

125.1

 

Add: Allocated undistributed net earnings to unvested

   restricted stockholders

 

 

1.6

 

 

 

1.0

 

 

 

0.2

 

Less: Undistributed net earnings reallocated to non-

   vested restricted stockholders

 

 

(1.6

)

 

 

(0.9

)

 

 

(0.1

)

Net earnings available to common stockholders - diluted

 

$

333.2

 

 

$

256.6

 

 

$

125.2

 

Denominator

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding - basic

 

 

203.9

 

 

 

210.0

 

 

 

194.6

 

Effect of assumed issuance of Settlement agreement

   shares (1)

 

 

 

 

 

1.6

 

 

 

18.0

 

Effect of contingently issuable shares (1)

 

 

1.3

 

 

 

0.9

 

 

 

0.7

 

Effect of unvested restricted stock units (1)

 

 

0.7

 

 

 

0.8

 

 

 

0.6

 

Weighted average number of common shares

   outstanding - diluted under two-class

 

 

205.9

 

 

 

213.3

 

 

 

213.9

 

Effect of unvested restricted stock - participating security (1)

 

 

0.8

 

 

 

0.6

 

 

 

0.3

 

Weighted average number of common shares outstanding -

   diluted under treasury stock

 

 

206.7

 

 

 

213.9

 

 

 

214.2

 

Diluted net earnings per common share

 

$

1.62

 

 

$

1.20

 

 

$

0.58

 

 

 

(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.