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Net Earnings per Common Share | 12 Months Ended
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Dec. 31, 2016
Earnings Per Share [Abstract] |
Net Earnings per Common Share | Note 21 Net Earnings per Common Share The following table sets forth the calculation of basic and diluted net earnings per common share under the two-class method for the years ended December 31:
|  | Year Ended December 31, |
(In millions, except per share amounts) |  | 2016 |  |  | 2015 |  |  | 2014 |
Basic Net Earnings Per Common Share: |  |  |  |  |  |  |  |  |  |  |  |
Numerator |  |  |  |  |  |  |  |  |  |  |  |
Net earnings available to common stockholders |  | $ | 486.4 |  |  | $ | 335.4 |  |  | $ | 258.1 |
Distributed and allocated undistributed net earnings to non- vested restricted stockholders |  |  | (3.4 | ) |  |  | (2.2 | ) |  |  | (1.6 | )
Distributed and allocated undistributed net earnings to common stockholders |  |  | 483.0 |  |  |  | 333.2 |  |  |  | 256.5 |
Distributed net earnings - dividends paid to common stockholders |  |  | (118.7 | ) |  |  | (106.2 | ) |  |  | (110.1 | )
Allocation of undistributed net earnings to common stockholders |  | $ | 364.3 |  |  | $ | 227.0 |  |  | $ | 146.4 |
Denominator |  |  |  |  |  |  |  |  |  |  |  |
Weighted average number of common shares outstanding - basic |  |  | 194.3 |  |  |  | 203.9 |  |  |  | 210.0 |
Basic net earnings per common share: |  |  |  |  |  |  |  |  |  |  |  |
Distributed net earnings to common stockholders |  | $ | 0.61 |  |  | $ | 0.52 |  |  | $ | 0.52 |
Allocated undistributed net earnings to common stockholders |  |  | 1.87 |  |  |  | 1.11 |  |  |  | 0.70 |
Basic net earnings per common share(2) |  | $ | 2.49 |  |  | $ | 1.63 |  |  | $ | 1.22 |
Diluted Net Earnings Per Common Share: |  |  |  |  |  |  |  |  |  |  |  |
Numerator |  |  |  |  |  |  |  |  |  |  |  |
Distributed and allocated undistributed net earnings to common stockholders |  | $ | 483.0 |  |  | $ | 333.2 |  |  | $ | 256.5 |
Add: Allocated undistributed net earnings to unvested restricted stockholders |  |  | 2.6 |  |  |  | 1.6 |  |  |  | 1.0 |
Less: Undistributed net earnings reallocated to non- vested restricted stockholders |  |  | (2.6 | ) |  |  | (1.6 | ) |  |  | (0.9 | )
Net earnings available to common stockholders - diluted |  | $ | 483.0 |  |  | $ | 333.2 |  |  | $ | 256.6 |
Denominator |  |  |  |  |  |  |  |  |  |  |  |
Weighted average number of common shares outstanding - basic |  |  | 194.3 |  |  |  | 203.9 |  |  |  | 210.0 |
Effect of assumed issuance of Settlement agreement shares (1) |  |  | — |  |  |  | — |  |  |  | 1.6 |
Effect of contingently issuable shares(1) |  |  | 1.2 |  |  |  | 1.3 |  |  |  | 0.9 |
Effect of unvested restricted stock units(1) |  |  | 0.7 |  |  |  | 0.7 |  |  |  | 0.8 |
Weighted average number of common shares outstanding - diluted under two-class |  |  | 196.2 |  |  |  | 205.9 |  |  |  | 213.3 |
Effect of unvested restricted stock - participating security(1) |  |  | 1.0 |  |  |  | 0.8 |  |  |  | 0.6 |
Weighted average number of common shares outstanding - diluted under treasury stock |  |  | 197.2 |  |  |  | 206.7 |  |  |  | 213.9 |
Diluted net earnings per common share(2) |  | $ | 2.46 |  |  | $ | 1.62 |  |  | $ | 1.20 |
(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.
(2) | The Company early adopted ASU 2016-09 on a prospective basis, related to the recognition of excess tax benefits to the income statement which were previously recorded in additional paid-in capital, effective January 1, 2016. This resulted in an additional 446,747 diluted weighted average number of common shares outstanding for the year ended December 31, 2016 and recognition of excess taxbenefits of $18.1 million in income tax provision for the year ended December 31, 2016. As a result,net earnings per common share increased by $0.10 per share for the year ended December 31, 2016. Refer to Note 2, “Recently Issued Accounting Standards” of the Notes to Consolidated Financial Statements for further details.
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 approximately 1 million shares related to PSUs in the years 2016, 2015 and 2014. Stock Leverage Opportunity Awards (“SLO”) The shares or units associated with the 2016 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, 2016. 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 2017. 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 2016, 2015 and 2014 were nominal.

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