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EARNINGS PER SHARE | 12 Months Ended
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Dec. 31, 2013
EARNINGS PER SHARE |
EARNINGS PER SHARE | 16. EARNINGS PER SHARE We calculate earnings per share using the two-class method. The two-class method requires that share-based awards with non-forfeitable dividends be classified as participating securities. In calculating basic earnings per share, this method requires net income to be reduced by the amount of dividends declared in the period for each participating security and by the contractual amount of dividends or other participation payments that are paid or accumulated for the period. Undistributed earnings for the period are allocated to participating securities based on the contractual participation rights of the security to share in those current earnings assuming all earnings for the period are distributed. Recipients of certain of our restricted stock unit awards have contractual participation rights that are equivalent to those of common stockholders. Therefore, we allocate undistributed earnings to these restricted stock unit participating securities and common stock based on their respective participation percentage. The two-class method also requires the denominator to include the weighted average number of shares of restricted stock unit participating securities when calculating basic earnings per share. Basic and diluted earnings per share for the years ended December 31, 2013, include the weighted average share impact of the 35.2 million shares issued in connection with the merger from January 28, 2013, the date of issuance. For the years ended December 31, 2013, 2012 and 2011, there were nil, 0.2 million and 0.7 million weighted average restricted stock units participating securities, respectively, included in the denominator. Diluted earnings per share also include the additional share equivalents from the assumed conversion of stock based awards including options and certain restricted stock units. Conversion of stock options and certain restricted stock units are calculated using the treasury stock method, subject to anti-dilution provisions. In computing diluted earnings per share for the years ended December 31, 2013, 2012 and 2011, common stock equivalents of 0.4 million shares, 0.2 million shares and 0.2 million shares, respectively, were not included due to their anti-dilutive effect. Computations of basic and diluted earnings per share for the years ended December 31, 2013, 2012 and 2011 are presented in the following table: Basic and Diluted Earnings Per Share—Two-class Method
|  | Year Ended December 31, |
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(In millions, except per share data) |  | 2013 |  | 2012 |  | 2011 |
Numerator |  |  |  |  |  |  |  |  |  |
Net income attributable to Axiall |  | $ | 165.3 |  | $ | 120.5 |  | $ | 57.7 |
Less: Net income attributable to participating securities |  |  | 0.1 |  |  | 0.7 |  |  | 1.2 |
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Net income attributable to common stockholders |  | $ | 165.2 |  | $ | 119.8 |  | $ | 56.5 |
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Denominator |  |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding—Basic |  |  | 67.3 |  |  | 34.5 |  |  | 34.1 |
Plus: Dilutive effect of stock options and awards |  |  | 0.5 |  |  | 0.3 |  |  | - |
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Weighted average common shares outstanding—Diluted |  |  | 67.8 |  |  | 34.8 |  |  | 34.1 |
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Earnings per common share from net income attributable to Axiall's common stockholders: |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 2.46 |  | $ | 3.47 |  | $ | 1.66 |
Diluted |  | $ | 2.44 |  | $ | 3.45 |  | $ | 1.66 |

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