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Net Earnings Per Common Share | 3 Months Ended
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Mar. 31, 2017
Earnings Per Share [Abstract] |
Net (Loss) Earnings Per Common Share | Note 19 Net (Loss) Earnings Per Common Share The following table shows the calculation of basic and diluted net (loss) earnings per common share under the two-class method:
|  | Three Months Ended |
|  | March 31, |
(In millions, except per share amounts) |  | 2017 |  |  | 2016 |
Basic Net (Loss) Earnings Per Common Share: |  |  |  |  |  |  |  |
Numerator |  |  |  |  |  |  |  |
Net (loss) earnings available to common stockholders |  | $ | (43.2 | ) |  | $ | 102.4 |
Distributed and allocated undistributed net loss to non-vested restricted stockholders |  |  | 0.1 |  |  |  | (0.7 | )
Distributed and allocated undistributed net (loss) earnings to common stockholders |  |  | (43.1 | ) |  |  | 101.7 |
Distributed net (loss) earnings - dividends paid to common stockholders |  |  | (31.0 | ) |  |  | (25.4 | )
Allocation of undistributed net (loss) earnings to common stockholders |  | $ | (74.1 | ) |  | $ | 76.3 |
Denominator |  |  |  |  |  |  |  |
Weighted average number of common shares outstanding – basic |  |  | 193.4 |  |  |  | 195.2 |
Basic net earnings per common share: |  |  |  |  |  |  |  |
Distributed net earnings to common stockholders |  | $ | 0.16 |  |  | $ | 0.13 |
Allocated undistributed net (loss) earnings to common stockholders |  |  | (0.38 | ) |  |  | 0.38 |
Basic net (loss) earnings per common share(1) |  | $ | (0.22 | ) |  | $ | 0.51 |
Diluted Net (Loss) Earnings Per Common Share: |  |  |  |  |  |  |  |
Numerator |  |  |  |  |  |  |  |
Distributed and allocated undistributed net (loss) earnings to common stockholders |  | $ | (43.1 | ) |  | $ | 101.7 |
Add: Allocated undistributed net earnings to unvested restricted stockholders |  |  | — |  |  |  | 0.6 |
Less: Undistributed net earnings (loss) reallocated to non-vested restricted stockholders |  |  | — |  |  |  | (0.6 | )
Net (loss) earnings available to common stockholders – diluted |  | $ | (43.1 | ) |  | $ | 101.7 |
Denominator |  |  |  |  |  |  |  |
Weighted average number of common shares outstanding – basic |  |  | 193.4 |  |  |  | 195.2 |
Effect of contingently issuable shares |  |  | 0.8 |  |  |  | 0.7 |
Effect of unvested restricted stock units |  |  | 0.9 |  |  |  | 0.9 |
Weighted average number of common shares outstanding - diluted under two-class |  |  | 195.1 |  |  |  | 196.8 |
Effect of unvested restricted stock - participating security |  |  | 0.6 |  |  |  | 0.7 |
Weighted average number of common shares outstanding - diluted under treasury stock |  |  | 195.7 |  |  |  | 197.5 |
Diluted net (loss) earnings per common share(1) |  | $ | (0.22 | ) |  | $ | 0.51 |
(1) | 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 404,347 diluted weighted average number of common shares outstanding for the three months ended March 31, 2016, and recognition of excess tax benefits of $10.6 million in net earnings available to common stockholders for the three months ended March 31, 2016. As a result, net earnings per common share increased by $0.05 per share for the three months ended March 31, 2016. Refer to Note 2, “Recently Issued Accounting Standards” of the Notes to Condensed Consolidated Financial Statements for further details.

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