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Net Earnings Per Common Share (Tables)
 9 Months Ended
Sep. 30, 2015
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

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(In millions, except per share amounts)

 

2015

 

 

2014(1)

 

 

2015

 

 

2014(1)

 

Basic Net Earnings Per Common Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings available to common stockholders

 

$

86.6

 

 

$

60.8

 

 

$

211.9

 

 

$

191.8

 

Distributed and allocated undistributed net loss to non-

   vested restricted stockholders

 

 

(0.6

)

 

 

(0.4

)

 

 

(1.5

)

 

 

(1.1

)

Distributed and allocated undistributed net earnings to

   common stockholders

 

 

86.0

 

 

 

60.4

 

 

 

210.4

 

 

 

190.7

 

Distributed net earnings - dividends paid to common

   stockholders

 

 

(26.1

)

 

 

(27.3

)

 

 

(80.6

)

 

 

(82.9

)

Allocation of undistributed net earnings to common

   stockholders

 

$

59.9

 

 

$

33.1

 

 

$

129.8

 

 

$

107.8

 

Denominator

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding -

   basic

 

 

202.9

 

 

 

210.4

 

 

 

206.7

 

 

 

210.2

 

Basic net earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributed net earnings to common stockholders

 

$

0.13

 

 

$

0.13

 

 

$

0.39

 

 

$

0.39

 

Allocated undistributed net earnings to common

   stockholders

 

 

0.30

 

 

 

0.16

 

 

 

0.63

 

 

 

0.52

 

Basic net earnings per common share:

 

$

0.43

 

 

$

0.29

 

 

$

1.02

 

 

$

0.91

 

Diluted Net Earnings Per Common Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributed and allocated undistributed net earnings to

   common stockholders

 

$

86.0

 

 

$

60.4

 

 

$

210.4

 

 

$

190.7

 

Add: Allocated undistributed net earnings to unvested

   restricted stockholders

 

 

0.5

 

 

 

0.1

 

 

 

1.0

 

 

 

0.6

 

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

   vested restricted stockholders

 

 

(0.5

)

 

 

(0.1

)

 

 

(1.0

)

 

 

(0.6

)

Net earnings available to common stockholders - diluted

 

$

86.0

 

 

$

60.4

 

 

$

210.4

 

 

$

190.7

 

Denominator

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding -

   basic

 

 

202.9

 

 

 

210.4

 

 

 

206.7

 

 

 

210.2

 

Effect of assumed issuance of Settlement agreement

   shares (2)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2.2

 

Effect of contingently issuable shares

 

 

1.4

 

 

 

1.9

 

 

 

1.3

 

 

 

1.8

 

Effect of unvested restricted stock units

 

 

0.7

 

 

 

0.5

 

 

 

0.7

 

 

 

0.4

 

Weighted average number of common shares

   outstanding - diluted under two-class

 

 

205.0

 

 

 

212.8

 

 

 

208.7

 

 

 

214.6

 

Effect of unvested restricted stock - participating security

 

 

0.8

 

 

 

0.7

 

 

 

0.8

 

 

 

0.7

 

Weighted average number of common shares outstanding -

   diluted under treasury stock

 

 

205.8

 

 

 

213.5

 

 

 

209.5

 

 

 

215.3

 

Diluted net earnings per common share

 

$

0.42

 

 

$

0.28

 

 

$

1.01

 

 

$

0.89

 

 

 

(1)

Certain amounts have been revised to reflect the retrospective application of the Company’s change in inventory costing method for certain U.S. inventories to the FIFO method from the LIFO method. See Note 1, “Organization and Basis of Presentation-Changes in Accounting/Retrospective Application” for additional details regarding this accounting policy change.

(2)

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 March 31, 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.