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Net Earnings Per Common Share (Tables)
 6 Months Ended
Jun. 30, 2016
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,

 

(In millions, except per share amounts)

 

2016

 

 

2015

 

 

2016

 

 

2015

 

Basic Net Earnings Per Common Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings available to common stockholders

 

$

49.6

 

 

$

28.1

 

 

$

141.5

 

 

$

125.3

 

Distributed and allocated undistributed net loss to

   non-vested restricted stockholders

 

 

(0.4

)

 

 

(0.3

)

 

 

(1.0

)

 

 

(0.9

)

Distributed and allocated undistributed net earnings to

   common stockholders

 

 

49.2

 

 

 

27.8

 

 

 

140.5

 

 

 

124.4

 

Distributed net earnings - dividends paid to common

   stockholders

 

 

(31.3

)

 

 

(27.2

)

 

 

(56.7

)

 

 

(54.5

)

Allocation of undistributed net earnings to common

   stockholders

 

$

17.9

 

 

$

0.6

 

 

$

83.8

 

 

$

69.9

 

Denominator

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares

   outstanding - basic

 

 

195.6

 

 

 

208.5

 

 

 

195.4

 

 

 

208.7

 

Basic net earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributed net earnings to common stockholders

 

$

0.16

 

 

$

0.13

 

 

$

0.29

 

 

$

0.26

 

Allocated undistributed net earnings to common

   stockholders

 

 

0.09

 

 

 

—

 

 

 

0.43

 

 

 

0.34

 

Basic net earnings per common share:

 

$

0.25

 

 

$

0.13

 

 

$

0.72

 

 

$

0.60

 

Diluted Net Earnings Per Common Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributed and allocated undistributed net earnings to

   common stockholders

 

$

49.2

 

 

$

27.8

 

 

$

140.5

 

 

$

124.4

 

Add: Allocated undistributed net earnings to unvested

   restricted stockholders

 

 

0.2

 

 

 

—

 

 

 

0.6

 

 

 

0.5

 

Less: Undistributed net earnings (loss) reallocated to

   non-vested restricted stockholders

 

 

(0.2

)

 

 

—

 

 

 

(0.6

)

 

 

(0.5

)

Net earnings available to common stockholders - diluted

 

$

49.2

 

 

$

27.8

 

 

$

140.5

 

 

$

124.4

 

Denominator

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares

   outstanding - basic

 

 

195.6

 

 

 

208.5

 

 

 

195.4

 

 

 

208.7

 

Effect of contingently issuable shares

 

 

0.8

 

 

 

1.3

 

 

 

0.6

 

 

 

1.3

 

Effect of unvested restricted stock units

 

 

0.8

 

 

 

0.7

 

 

 

0.8

 

 

 

0.7

 

Weighted average number of common shares

   outstanding - diluted under two-class

 

 

197.2

 

 

 

210.5

 

 

 

196.8

 

 

 

210.7

 

Effect of unvested restricted stock - participating security

 

 

0.7

 

 

 

0.8

 

 

 

0.7

 

 

 

0.8

 

Weighted average number of common shares

   outstanding - diluted under treasury stock

 

 

197.9

 

 

 

211.3

 

 

 

197.5

 

 

 

211.5

 

Diluted net earnings per common share

 

$

0.25

 

 

$

0.13

 

 

$

0.71

 

 

$

0.59