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Net Earnings Per Common Share | 6 Months Ended
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Jun. 30, 2017
Earnings Per Share [Abstract] |
Net Earnings Per Common Share | 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 June 30, |  | Six Months Ended June 30,
(In millions, except per share amounts) |  | 2017 |  | 2016 |  | 2017 |  | 2016
Basic Net Earnings Per Common Share: |  |  |  |  |  |  |  |
Numerator |  |  |  |  |  |  |  |
Net (loss) earnings available to common stockholders |  | $ | 87.8 |  |  | $ | 49.6 |  |  | $ | 44.6 |  |  | $ | 152.0 |
Distributed and allocated undistributed net loss to non-vested restricted stockholders |  | (0.6 | ) |  | (0.1 | ) |  | (0.2 | ) |  | (1.1 | )
Distributed and allocated undistributed net earnings to common stockholders |  | 87.2 |  |  | 49.5 |  |  | 44.4 |  |  | 150.9 |
Distributed net (loss) earnings - dividends paid to common stockholders |  | (30.4 | ) |  | (31.5 | ) |  | (61.4 | ) |  | (56.7 | )
Allocation of undistributed net (loss) earnings to common stockholders |  | $ | 56.8 |  |  | $ | 18.0 |  |  | $ | (17.0 | ) |  | $ | 94.2 |
Denominator |  |  |  |  |  |  |  |
Weighted average number of common shares outstanding - basic |  | 192.5 |  |  | 195.6 |  |  | 192.9 |  |  | 195.4 |
Basic net earnings per common share: |  |  |  |  |  |  |  |
Distributed net earnings to common stockholders |  | $ | 0.16 |  |  | $ | 0.16 |  |  | $ | 0.32 |  |  | $ | 0.29 |
Allocated undistributed net earnings (loss) to common stockholders |  | 0.29 |  |  | 0.09 |  |  | (0.09 | ) |  | 0.47 |
Basic net earnings per common share(1) |  | $ | 0.45 |  |  | $ | 0.25 |  |  | $ | 0.23 |  |  | $ | 0.76 |
Diluted Net Earnings Per Common Share: |  |  |  |  |  |  |  |
Numerator |  |  |  |  |  |  |  |
Distributed and allocated undistributed net earnings to common stockholders |  | $ | 87.2 |  |  | $ | 49.5 |  |  | $ | 44.4 |  |  | $ | 150.9 |
Add: Allocated undistributed net earnings to unvested restricted stockholders |  | 0.4 |  |  | 0.1 |  |  | — |  |  | 0.7 |
Less: Undistributed net earnings (loss) reallocated to non-vested restricted stockholders |  | (0.4 | ) |  | (0.1 | ) |  | — |  |  | (0.7 | )
Net earnings available to common stockholders - diluted |  | $ | 87.2 |  |  | $ | 49.5 |  |  | $ | 44.4 |  |  | $ | 150.9 |
Denominator |  |  |  |  |  |  |  |
Weighted average number of common shares outstanding - basic |  | 192.5 |  |  | 195.6 |  |  | 192.9 |  |  | 195.4 |
Effect of contingently issuable shares |  | 0.7 |  |  | 0.9 |  |  | 0.7 |  |  | 0.8 |
Effect of unvested restricted stock units |  | 1.0 |  |  | 1.0 |  |  | 1.0 |  |  | 1.0 |
Weighted average number of common shares outstanding - diluted under two-class |  | 194.2 |  |  | 197.5 |  |  | 194.6 |  |  | 197.2 |
Effect of unvested restricted stock - participating security |  | 0.6 |  |  | 0.9 |  |  | 0.7 |  |  | 0.8 |
Weighted average number of common shares outstanding - diluted under treasury stock |  | 194.8 |  |  | 198.4 |  |  | 195.3 |  |  | 198.0 |
Diluted net earnings per common share(1) |  | $ | 0.45 |  |  | $ | 0.25 |  |  | $ | 0.23 |  |  | $ | 0.76 |
(1) | The Company early adopted ASU 2016-09 on a prospective basis as required, 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 456,352 and 436,288 diluted weighted average number of common shares outstanding for the three and six months ended June 30, 2016, respectively, and recognition of excess tax benefits of $9.6 million in net earnings from continuing operations and $1.0 million in net earnings from discontinued operations for the six months ended June 30, 2016 (there was no impact for the three months ended June 30, 2016). As a result, net earnings per common share increased by $0.05 per share for the six months ended June 30, 2016 and no impact for the three months ended June 30, 2016. Refer to Note 2, “Recently Issued Accounting Standards,” of the Notes to the Condensed Consolidated Financial Statements for further details.

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