Earnings Per Share

3 Months Ended

Mar. 31, 2017

Basic earnings per share is computed as net earnings divided by the basic weighted average common shares outstanding of 49.1 million and 47.6 million shares for the three months ended March 31, 2017 and 2016, respectively. The calculation of diluted earnings per share includes the effect of any dilutive equity incentive instruments. The Company uses the treasury stock method to calculate the effect of outstanding dilutive equity incentive instruments, which requires the Company to compute total proceeds as the sum of the amount the employee must pay upon exercise of the award and the amount of unearned stock-based compensation costs attributable to future services.

Equity incentive instruments for which the total employee proceeds from exercise exceed the average fair value of the same equity incentive instrument over the period have an anti-dilutive effect on earnings per share during periods with net earnings, and accordingly, the Company excludes them from the calculation. Anti-dilutive equity instruments of 1.0 million and 3.2 million class A common shares were excluded from the computation of diluted net earnings per share for the three months ended March 31, 2017 and 2016, respectively.

Reconciliations of the numerator and the denominator of the basic and diluted per share computations for the Company's common stock, for the three months ended March 31, 2017 and 2016, are summarized as follows:



	Three Months Ended March 31,
	2017		2016
Numerator
Net earnings	$	25.4	$	3.8

Denominator
Basic weighted average number of common shares outstanding for all classes of common shares	49.1		47.6
Plus: effect of dilutive equity incentive instruments	2.4		0.9
Diluted weighted average number of common shares outstanding for all classes of common shares	51.5		48.5

Earnings per share
Basic	$	0.52	$	0.08
Diluted	$	0.49	$	0.08

Cash dividends paid per common share for all classes of common shares	$	0.30	$	0.30