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Net Earnings Per Common Share (Tables)
6 Months Ended
Jun. 30, 2014
Earnings Per Share [Abstract]  
Calculation of Basic and Diluted 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     Six Months Ended  
     June 30,     June 30,  
     2014     2013     2014     2013  

Basic Net Earnings Per Common Share:

        

Numerator

        

Net earnings available to common stockholders

   $ 60.3      $ 56.3      $ 132.1      $ 59.0   

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

     (0.3     (0.2     (0.7     (0.3
  

 

 

   

 

 

   

 

 

   

 

 

 

Distributed and allocated undistributed net earnings to common stockholders

     60.0        56.1        131.4        58.7   

Distributed net earnings - dividends paid to common stockholders

     (27.9     (25.3     (55.6     (50.6
  

 

 

   

 

 

   

 

 

   

 

 

 

Allocation of undistributed net earnings to common stockholders

   $ 32.1      $ 30.8      $ 75.8      $ 8.1   
  

 

 

   

 

 

   

 

 

   

 

 

 

Denominator

        

Weighted average number of common shares outstanding - basic

     213.5        194.8        210.1        194.3   

Basic net earnings per common share:

        

Distributed net earnings to common stockholders

   $ 0.13      $ 0.13      $ 0.26      $ 0.26   

Allocated undistributed net earnings (loss) to common stockholders

     0.15        0.16        0.37        0.04   
  

 

 

   

 

 

   

 

 

   

 

 

 

Basic net earnings per common share:

   $ 0.28      $ 0.29      $ 0.63      $ 0.30   
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted Net Earnings Per Common Share:

        

Numerator

        

Distributed and allocated undistributed net earnings to common stockholders

   $ 60.0      $ 56.1      $ 131.4      $ 58.7   

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

     0.2        0.1        0.5        0.1   

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

     (0.2     (0.1     (0.5     (0.1
  

 

 

   

 

 

   

 

 

   

 

 

 

Net earnings available to common stockholders - diluted

   $ 60.0      $ 56.1      $ 131.4      $ 58.7   
  

 

 

   

 

 

   

 

 

   

 

 

 

Denominator

        

Weighted average number of common shares outstanding - basic

     213.5        194.8        210.1        194.3   

Effect of assumed issuance of Settlement agreement shares (1)

     —          18.0        3.3        18.0   

Effect of non-vested restricted stock units

     1.2        0.8        1.2        0.9   
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average number of common shares outstanding - diluted

     214.7        213.6        214.6        213.2   
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted net earnings per common share

   $ 0.28      $ 0.26      $ 0.61      $ 0.28   
  

 

 

   

 

 

   

 

 

   

 

 

 

 

(1)  For 2014, the shares included above represent the weighted average number of shares from January 1, 2014 through February 3, 2014. The weighted average number of shares from February 4, 2014 through June 30, 2014 are included in the weighted average number of common shares outstanding-basic since they were issued on February 3, 2014 in connection with the Settlement agreement.