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Net Earnings Per Common Share
 9 Months Ended
Sep. 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
September 30,
 
Nine Months Ended
September 30,
(In millions, except per share amounts)
 
2017
 
2016
 
2017
 
2016
Basic Net Earnings Per Common Share:
 
 
 
 
 
 
 
 
Numerator
 
 
 
 
 
 
 
 
Net earnings available to common stockholders
 
$
787.4

 
$
163.3

 
$
848.4

 
$
315.3

Distributed and allocated undistributed net loss to non-vested restricted stockholders
 
(5.0
)
 
(1.2
)
 
(5.3
)
 
(2.2
)
Distributed and allocated undistributed net earnings to common stockholders
 
782.4

 
162.1

 
843.1

 
313.1

Distributed net (loss) earnings - dividends paid to common stockholders
 
(30.1
)
 
(31.3
)
 
(91.5
)
 
(88.0
)
Allocation of undistributed net earnings to common stockholders
 
$
752.3

 
$
130.8

 
$
751.6

 
$
225.1

Denominator
 
 
 
 
 
 
 
 
Weighted average number of common shares outstanding - basic
 
186.9

 
194.1

 
190.9

 
195.0

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

 
$
0.16

 
$
0.48

 
$
0.45

Allocated undistributed net earnings to common stockholders
 
4.03

 
0.68

 
3.94

 
1.15

Basic net earnings per common share(1)
 
$
4.19

 
$
0.84

 
$
4.42

 
$
1.60

Diluted Net Earnings Per Common Share:
 
 
 
 
 
 
 
 
Numerator
 
 
 
 
 
 
 
 
Distributed and allocated undistributed net earnings to common stockholders
 
$
782.4

 
$
162.1

 
$
843.1

 
$
313.1

Add: Allocated undistributed net earnings to unvested restricted stockholders
 
4.8

 
1.1

 
4.8

 
1.7

Less: Undistributed net earnings (loss) reallocated to non-vested restricted stockholders
 
(4.8
)
 
(1.1
)
 
(4.8
)
 
(1.7
)
Net earnings available to common stockholders - diluted
 
$
782.4

 
$
162.1

 
$
843.1

 
$
313.1

Denominator
 
 
 
 
 
 
 
 
Weighted average number of common shares outstanding - basic
 
186.9

 
194.1

 
190.9

 
195.0

Effect of contingently issuable shares
 
0.7

 
1.0

 
0.7

 
0.9

Effect of unvested restricted stock units
 
0.7

 
0.9

 
0.7

 
0.9

Weighted average number of common shares outstanding - diluted under two-class
 
188.3

 
196.0

 
192.3

 
196.8

Effect of unvested restricted stock - participating security
 
0.6

 
0.7

 
0.6

 
0.7

Weighted average number of common shares outstanding - diluted under treasury stock
 
188.9

 
196.7

 
192.9

 
197.5

Diluted net earnings per common share(1)
 
$
4.15

 
$
0.83

 
$
4.37

 
$
1.59

 
(1) 
For the nine months ended September 30, 2017, there was a revision to net earnings from discontinued operations, net of tax, on the Condensed Consolidated Statement of Operations related to depreciation and amortization on Diversey assets held for sale.  Refer to the Condensed Consolidated Statement of Operations for further details.