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Net Earnings (Loss) Per Common Share
 6 Months Ended
Jun. 30, 2018
Earnings Per Share [Abstract]  
Net Earnings (Loss) Per Common Share
Net Earnings (Loss) Per Common Share
The following table shows the calculation of basic and diluted net earnings (loss) per common share under the two-class method:
 
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
(In millions, except per share amounts)
 
2018
 
2017
 
2018
 
2017
Basic Net Earnings (Loss) Per Common Share:
 
 
 
 
 
 
 
 
Numerator:
 
 
 
 
 
 
 
 
Net earnings (loss)
 
$
114.4

 
$
104.1

 
$
(86.2
)
 
$
61.0

Distributed and allocated undistributed net earnings to unvested restricted stockholders
 
(0.6
)
 
(0.6
)
 
(0.3
)
 
(0.2
)
Distributed and allocated undistributed net earnings (loss)
 
113.8

 
103.5

 
(86.5
)
 
60.8

Distributed net earnings - dividends paid to common stockholders
 
(25.5
)
 
(30.4
)
 
(51.9
)
 
(61.4
)
Allocation of undistributed net earnings (loss) to common stockholders
 
$
88.3

 
$
73.1

 
$
(138.4
)
 
$
(0.6
)
Denominator:
 
 
 
 
 
 
 
 
Weighted average number of common shares outstanding - basic
 
159.7

 
192.5

 
162.5

 
192.9

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

 
$
0.16

 
$
0.32

 
$
0.32

Allocated undistributed net earnings (loss) to common stockholders
 
0.55

 
0.37

 
(0.85
)
 
(0.01
)
Basic net earnings (loss) per common share
 
$
0.71

 
$
0.53

 
$
(0.53
)
 
$
0.31

Diluted Net Earnings (Loss) Per Common Share:
 
 
 
 
 
 
 
 
Numerator:
 
 
 
 
 
 
 
 
Distributed and allocated undistributed net earnings (loss)
 
$
113.8

 
$
103.5

 
$
(86.5
)
 
$
60.8

Add: Allocated undistributed net earnings to unvested restricted stockholders
 
0.4

 
0.4

 
—

 
—

Less: Undistributed net earnings reallocated to unvested restricted stockholders
 
(0.4
)
 
(0.4
)
 
—

 
—

Net earnings (loss) available to common stockholders - diluted
 
$
113.8

 
$
103.5

 
$
(86.5
)
 
$
60.8

Denominator:
 
 
 
 
 
 
 
 
Weighted average number of common shares outstanding - basic
 
159.7

 
192.5

 
162.5

 
192.9

Effect of contingently issuable shares
 
0.1

 
0.7

 
—

 
0.7

Effect of unvested restricted stock units
 
0.4

 
1.0

 
—

 
1.0

Weighted average number of common shares outstanding - diluted under two-class
 
160.2

 
194.2

 
162.5

 
194.6

Effect of unvested restricted stock - participating security
 
0.4

 
0.6

 
—

 
0.7

Weighted average number of common shares outstanding - diluted under treasury stock
 
160.6

 
194.8

 
162.5

 
195.3

Diluted net earnings (loss) per common share
 
$
0.71

 
$
0.52

 
$
(0.53
)
 
$
0.30