XML 121 R33.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Net Earnings per Common Share
 12 Months Ended
Dec. 31, 2019
Earnings Per Share [Abstract]  
Net Earnings per Common Share Net Earnings per Common Share
The following table sets forth the calculation of basic and diluted net earnings per common share under the two-class method for the years ended December 31:
 
 
Year Ended December 31,
(In millions, except per share amounts)
 
2019
 
2018
 
2017
Basic Net Earnings Per Common Share:
 
 
 
 
 
 
Numerator
 
 
 
 
 
 
Net earnings
 
$
263.0

 
$
193.1

 
$
814.9

Distributed and allocated undistributed net earnings to unvested restricted stockholders
 
(0.5
)
 
(0.9
)
 
(4.9
)
Distributed and allocated undistributed net earnings
 
262.5

 
192.2

 
810.0

Distributed net earnings - dividends paid to common stockholders
 
(98.7
)
 
(101.7
)
 
(118.7
)
Allocation of undistributed net earnings to common stockholders
 
$
163.8

 
$
90.5

 
$
691.3

Denominator
 
 
 
 
 
 
Weighted average number of common shares outstanding - basic
 
154.3

 
159.4

 
186.9

Basic net earnings per common share:
 
 
 
 
 
 
Distributed net earnings
 
$
0.64

 
$
0.64

 
$
0.64

Allocated undistributed net earnings to common stockholders
 
1.06

 
0.57

 
3.69

  Basic net earnings per common share
 
$
1.70

 
$
1.21

 
$
4.33

Diluted Net Earnings Per Common Share:
 
 
 
 
 
 
Numerator
 
 
 
 
 
 
Distributed and allocated undistributed net earnings to common stockholders
 
$
262.5

 
$
192.2

 
$
810.0

Add: Allocated undistributed net earnings to unvested restricted stockholders
 
0.4

 
0.5

 
4.3

Less: Undistributed net earnings reallocated to unvested restricted stockholders
 
(0.4
)
 
(0.5
)
 
(4.3
)
Net earnings available to common stockholders - diluted
 
$
262.5

 
$
192.2

 
$
810.0

Denominator
 
 
 
 
 
 
Weighted average number of common shares outstanding - basic
 
154.3

 
159.4

 
186.9

Effect of contingently issuable shares
 
0.2

 
0.1

 
0.7

Effect of unvested restricted stock units
 
0.3

 
0.3

 
0.7

Weighted average number of common shares outstanding - diluted under two-class
 
154.8

 
159.8

 
188.3

Effect of unvested restricted stock - participating security
 
0.4

 
0.4

 
0.6

Weighted average number of common shares outstanding - diluted under treasury stock
 
155.2

 
160.2

 
188.9

Diluted net earnings per common share
 
$
1.69

 
$
1.20

 
$
4.29


PSU Awards
We included contingently issuable shares using the treasury stock method for our PSU awards in the diluted weighted average number of common shares outstanding based on the number of contingently issuable shares that would be issued assuming the end of our reporting period was the end of the relevant PSU award contingency period. The calculation of diluted weighted average shares outstanding related to PSUs was nominal in 2019 and 2018 and approximately 1 million shares in 2017.
SLO Awards
The shares or units associated with the 2019 SLO awards are considered contingently issuable shares and therefore are not included in the basic or diluted weighted average number of common shares outstanding for the year ended December 31,
2019. These shares or units will not be included in the common shares outstanding until the final determination of the amount of annual incentive compensation is made in the first quarter of 2020. Once this determination is made, the shares or units will be included in diluted weighted average number of common shares outstanding if the impact to diluted net earnings per common share is dilutive. The numbers of shares or units associated with SLO awards for 2019, 2018 and 2017 were nominal.