Net Earnings Per Common Share

3 Months Ended

Mar. 31, 2020

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 March 31,
(In millions, except per share amounts)	2020		2019
Basic Net Earnings Per Common Share:
Numerator:
Net earnings	$	126.6	$	57.5
Distributed and allocated undistributed net earnings to unvested restricted stockholders	(0.1)		(0.1)
Distributed and allocated undistributed net earnings	126.5		57.4
Distributed net earnings - dividends paid to common stockholders	(24.9)		(24.8)
Allocation of undistributed net earnings to common stockholders	$	101.6	$	32.6
Denominator:
Weighted average number of common shares outstanding - basic	154.5		154.8
Basic net earnings per common share:
Distributed net earnings	$	0.16	$	0.16
Allocated undistributed net earnings to common stockholders	0.66		0.21
Basic net earnings per common share	$	0.82	$	0.37
Diluted Net Earnings Per Common Share:
Numerator:
Distributed and allocated undistributed net earnings	$	126.5	$	57.4
Add: Allocated undistributed net earnings to unvested restricted stockholders	0.1		0.1
Less: Undistributed net earnings reallocated to unvested restricted stockholders	(0.1)		(0.1)
Net earnings available to common stockholders - diluted	$	126.5	$	57.4
Denominator:
Weighted average number of common shares outstanding - basic	154.5		154.8
Effect of contingently issuable shares	0.1		0.2
Effect of unvested restricted stock units	0.2		0.2
Weighted average number of common shares outstanding - diluted under two-class	154.8		155.2
Effect of unvested restricted stock - participating security	—		0.2
Weighted average number of common shares outstanding - diluted under treasury stock	154.8		155.4
Diluted net earnings per common share	$	0.82	$	0.37