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Net Earnings Per Common Share (Tables)
3 Months Ended
Mar. 31, 2016
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)

 

2016

 

 

2015

 

Basic Net Earnings Per Common Share:

 

 

 

 

 

 

 

 

Numerator

 

 

 

 

 

 

 

 

Net earnings available to common stockholders

 

$

91.9

 

 

$

97.2

 

Distributed and allocated undistributed net loss to non-

   vested restricted stockholders

 

 

(0.6

)

 

 

(0.6

)

Distributed and allocated undistributed net earnings to

   common stockholders

 

 

91.3

 

 

 

96.6

 

Distributed net earnings - dividends paid to common

   stockholders

 

 

(25.4

)

 

 

(27.3

)

Allocation of undistributed net earnings to common

   stockholders

 

$

65.9

 

 

$

69.3

 

Denominator

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding -

   basic

 

 

195.2

 

 

 

208.9

 

Basic net earnings per common share:

 

 

 

 

 

 

 

 

Distributed net earnings to common stockholders

 

$

0.13

 

 

$

0.13

 

Allocated undistributed net earnings to common

   stockholders

 

 

0.34

 

 

 

0.33

 

Basic net earnings per common share:

 

$

0.47

 

 

$

0.46

 

Diluted Net Earnings Per Common Share:

 

 

 

 

 

 

 

 

Numerator

 

 

 

 

 

 

 

 

Distributed and allocated undistributed net earnings to

   common stockholders

 

$

91.3

 

 

$

96.6

 

Add: Allocated undistributed net earnings to unvested

   restricted stockholders

 

 

0.4

 

 

 

0.5

 

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

   vested restricted stockholders

 

 

(0.4

)

 

 

(0.5

)

Net earnings available to common stockholders - diluted

 

$

91.3

 

 

$

96.6

 

Denominator

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding -

   basic

 

 

195.2

 

 

 

208.9

 

Effect of contingently issuable shares

 

 

0.5

 

 

 

1.2

 

Effect of unvested restricted stock units

 

 

0.7

 

 

 

0.8

 

Weighted average number of common shares

   outstanding - diluted under two-class

 

 

196.4

 

 

 

210.9

 

Effect of unvested restricted stock - participating security

 

 

0.6

 

 

 

0.8

 

Weighted average number of common shares outstanding -

   diluted under treasury stock

 

 

197.0

 

 

 

211.7

 

Diluted net earnings per common share

 

$

0.46

 

 

$

0.46