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Net Earnings Per Common Share
 6 Months Ended
Jun. 30, 2017
Earnings Per Share [Abstract]  
Net Earnings Per Common Share
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
June 30,
 
Six Months Ended
June 30,
(In millions, except per share amounts)
 
2017
 
2016
 
2017
 
2016
Basic Net Earnings Per Common Share:
 
 
 
 
 
 
 
 
Numerator
 
 
 
 
 
 
 
 
Net (loss) earnings available to common stockholders
 
$
87.8

 
$
49.6

 
$
44.6

 
$
152.0

Distributed and allocated undistributed net loss to
non-vested restricted stockholders
 
(0.6
)
 
(0.1
)
 
(0.2
)
 
(1.1
)
Distributed and allocated undistributed net earnings to
common stockholders
 
87.2

 
49.5

 
44.4

 
150.9

Distributed net (loss) earnings - dividends paid to common
stockholders
 
(30.4
)
 
(31.5
)
 
(61.4
)
 
(56.7
)
Allocation of undistributed net (loss) earnings to common
stockholders
 
$
56.8

 
$
18.0

 
$
(17.0
)
 
$
94.2

Denominator
 
 
 
 
 
 
 
 
Weighted average number of common shares outstanding - basic
 
192.5

 
195.6

 
192.9

 
195.4

Basic net earnings per common share:
 
 
 
 
 
 
 
 
Distributed net earnings to common stockholders
 
$
0.16

 
$
0.16

 
$
0.32

 
$
0.29

Allocated undistributed net earnings (loss) to common
stockholders
 
0.29

 
0.09

 
(0.09
)
 
0.47

Basic net earnings per common share(1)
 
$
0.45

 
$
0.25

 
$
0.23

 
$
0.76

Diluted Net Earnings Per Common Share:
 
 
 
 
 
 
 
 
Numerator
 
 
 
 
 
 
 
 
Distributed and allocated undistributed net earnings to
common stockholders
 
$
87.2

 
$
49.5

 
$
44.4

 
$
150.9

Add: Allocated undistributed net earnings to unvested
restricted stockholders
 
0.4

 
0.1

 
—

 
0.7

Less: Undistributed net earnings (loss) reallocated to
non-vested restricted stockholders
 
(0.4
)
 
(0.1
)
 
—

 
(0.7
)
Net earnings available to common stockholders - diluted
 
$
87.2

 
$
49.5

 
$
44.4

 
$
150.9

Denominator
 
 
 
 
 
 
 
 
Weighted average number of common shares outstanding - basic
 
192.5

 
195.6

 
192.9

 
195.4

Effect of contingently issuable shares
 
0.7

 
0.9

 
0.7

 
0.8

Effect of unvested restricted stock units
 
1.0

 
1.0

 
1.0

 
1.0

Weighted average number of common shares
outstanding - diluted under two-class
 
194.2

 
197.5

 
194.6

 
197.2

Effect of unvested restricted stock - participating security
 
0.6

 
0.9

 
0.7

 
0.8

Weighted average number of common shares
outstanding - diluted under treasury stock
 
194.8

 
198.4

 
195.3

 
198.0

Diluted net earnings per common share(1)
 
$
0.45

 
$
0.25

 
$
0.23

 
$
0.76

 
(1) 
The Company early adopted ASU 2016-09 on a prospective basis as required, related to the recognition of excess tax benefits to the income statement which were previously recorded in additional paid-in capital, effective January 1, 2016. This resulted in an additional 456,352 and 436,288 diluted weighted average number of common shares outstanding for the three and six months ended June 30, 2016, respectively, and recognition of excess tax benefits of $9.6 million in net earnings from continuing operations and $1.0 million in net earnings from discontinued operations for the six months ended June 30, 2016 (there was no impact for the three months ended June 30, 2016). As a result, net earnings per common share increased by $0.05 per share for the six months ended June 30, 2016 and no impact for the three months ended June 30, 2016. Refer to Note 2, “Recently Issued Accounting Standards,” of the Notes to the Condensed Consolidated Financial Statements for further details.