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Earnings Per Share
9 Months Ended
Sep. 30, 2011
Earnings Per Share [Abstract] 
Earnings Per Share

NOTE 7—EARNINGS PER SHARE

Basic earnings per share is based on the weighted average number of common shares outstanding during the period. Diluted earnings per share includes the effect of options that are dilutive and outstanding during the period. Per share amounts are computed as follows:

 

     Three Months Ended
September 30		      Nine Months Ended
September 30		  
     2011     2010      2011      2010  

Numerator (in millions):

           

Net (loss)/income available to common stockholders

    $ (16.8 )    $ 30.0       $ 29.3       $ 49.4   

Denominator (in thousands):

           

Weighted average common shares outstanding

      23,711        23,805         23,698         23,757   

Dilutive effect of stock options and awards

      0        1,197         918         1,174   
  

 

 

    

 

 

     

 

 

     

 

 

  

Denominator for diluted earnings per share

      23,711        25,002         24,616         24,931   
  

 

 

    

 

 

     

 

 

     

 

 

  

Net (loss)/income per share, basic

    $ (0.71 )    $ 1.26       $ 1.24       $ 2.08   
  

 

 

    

 

 

     

 

 

     

 

 

  

Net (loss)/income per share, diluted

    $ (0.71 )    $ 1.20       $ 1.19       $ 1.98   
  

 

 

    

 

 

     

 

 

     

 

 

  

In the three and nine months ended September 30, 2011, the average number of anti-dilutive options excluded from the calculation of diluted earnings per share were 1,380 and 690, respectively (2010—63,645 and 64,600, respectively).