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Net (Loss) Earnings per Common Share (Tables)
12 Months Ended
Dec. 31, 2012
Calculation of Basic and Diluted Net (Loss) Earnings Per Common Share

The following table sets forth the calculation of basic and diluted net earnings per common share under the two-class method for the three years ended December 31, 2012 in millions, except per share data:

 

     2012     2011     2010  

Basic Net (Loss) Earnings Per Common Share:

      

Numerator

      

Net (loss) earnings available to common stockholders

   $ (1,410.3   $ 149.1      $ 255.9   

Distributed and allocated undistributed net (loss) earnings to non-vested restricted stockholders

     (0.5 )     (0.9     (1.6
  

 

 

   

 

 

   

 

 

 

Distributed and allocated undistributed net (loss) earnings to common stockholders

     (1,410.8 )     148.2        254.3   

Distributed net (loss) earnings — dividends paid to common stockholders

     (100.4 )     (86.8     (79.2
  

 

 

   

 

 

   

 

 

 

Allocation of undistributed net (loss) earnings to common stockholders

   $ (1,511.2   $ 61.4      $ 175.1   
  

 

 

   

 

 

   

 

 

 

Denominator(1)

      

Weighted average number of common shares outstanding — basic

     192.8        167.0        158.3   
  

 

 

   

 

 

   

 

 

 

Basic net (loss) earnings per common share:

      

Distributed net (loss) earnings to common stockholders

   $ 0.52      $ 0.52      $ 0.50   

Allocated undistributed net (loss) earnings to common stockholders

     (7.83 )     0.37        1.11   
  

 

 

   

 

 

   

 

 

 

Basic net (loss) earnings per common share:

   $ (7.31 )   $ 0.89      $ 1.61   
  

 

 

   

 

 

   

 

 

 

Diluted Net (Loss) Earnings Per Common Share:

      

Numerator

      

Distributed and allocated undistributed net (loss) earnings to common stockholders

   $ (1,410.8 )   $ 148.2      $ 254.3   

Add: Allocated undistributed net (loss) earnings to non-vested restricted stockholders

     —          0.4        1.1   

Less: Undistributed net (loss) earnings reallocated to non-vested restricted stockholders

     —          (0.3     (1.0
  

 

 

   

 

 

   

 

 

 

Net (loss) earnings available to common stockholders — diluted

   $ (1,410.8 )   $ 148.3      $ 254.4   
  

 

 

   

 

 

   

 

 

 

Denominator(1)(2)

      

Weighted average number of common shares outstanding — basic

     192.8        167.0        158.3   

Effect of assumed issuance of Settlement agreement shares

     —          18.0        18.0   

Effect of non-vested restricted stock units

     —          0.4        0.4   
  

 

 

   

 

 

   

 

 

 

Weighted average number of common shares outstanding — diluted

     192.8        185.4        176.7   
  

 

 

   

 

 

   

 

 

 

Diluted net (loss) earnings per common share

   $ (7.31 )   $ 0.80      $ 1.44   
  

 

 

   

 

 

   

 

 

 

 

(1) 

Includes the weighted-average share impact in 2012 of 31.7 million shares issued as part of the total consideration paid in connection with the acquisition of Diversey on October 3, 2011.

(2) 

Provides for the following items if their inclusion is dilutive: (i) the effect of assumed issuance of 18 million shares of common stock reserved for the Settlement agreement as defined and (ii) the effect of non-vested restricted stock and restricted stock units using the treasury stock method. In calculating diluted net (loss) earnings per common share for 2012, our diluted weighted average number of common shares outstanding excludes the effect of the items mentioned above as the effect was anti-dilutive.