EARNINGS PER SHARE AND SHAREHOLDERS’ EQUITY

Earnings per Share

The following is a reconciliation of the numerator and denominator of the basic and diluted earnings per share (EPS) computations:



		Continuing Operations					Discontinued Operations					Total
Three Months Ended June 30, 2015	Shares	Income		Per Share Amount			Income			Per Share Amount		Per Share Amount
Basic EPS	98.4	$	29.0	$	0.29		$	—		$	—	$	0.29
Effect of dilutive securities:
Stock-based compensation arrangements	0.7	—		—			—			—		—
Convertible Debt	5.9	—		(0.01		)	—			—		(0.01		)
Diluted EPS	105.0	$	29.0	$	0.28		$	—		$	—	$	0.28

Six Months Ended June 30, 2015
Basic EPS	98.7	$	68.2	$	0.69		$	0.1		$	—	$	0.69
Effect of dilutive securities:
Stock-based compensation arrangements	0.7	—		(0.01		)	—			—		(0.01		)
Convertible Debt	5.9	—		(0.03		)	—			—		(0.03		)
Diluted EPS	105.3	$	68.2	$	0.65		$	0.1		$	—	$	0.65

Three Months Ended June 30, 2014
Basic EPS	101.3	$	24.9	$	0.25		$	(0.2	)	$	—	$	0.25
Effect of dilutive securities:
Stock-based compensation arrangements	0.9	—		(0.01		)	—			—		(0.01		)
Convertible Debt	4.8	—		(0.01		)	—			—		(0.01		)
Diluted EPS	107.0	$	24.9	$	0.23		$	(0.2	)	$	—	$	0.23

Six Months Ended June 30, 2014
Basic EPS	101.2	$	38.6	$	0.38		$	0.3		$	—	$	0.38
Effect of dilutive securities:
Stock-based compensation arrangements	1.1	—		—			—			—		—
Convertible Debt	4.8	—		(0.02		)	—			—		(0.02		)
Diluted EPS	107.1	$	38.6	$	0.36		$	0.3		$	—	$	0.36

The diluted EPS calculation for the three and six months ended June 30, 2015 excludes 0.3 of performance-based restricted stock units as the minimum performance criteria has not yet been achieved, as well as 0.7 performance-based restricted stock units (0.4 and 0.3 granted in 2015 and 2014, respectively) as the performance criteria for the third year of the 2014 grants and the second and third years of the 2015 grants have not yet been fully defined, thereby precluding a mutual understanding of the terms of the stock-based awards pursuant to ASC 718.

As described more fully in Note 9, during 2009 the Company issued approximately $125.0 aggregate principal amount of 5.75% Junior Subordinated Convertible Debentures due 2029 (2029 Convertible Debentures). The 2029 Convertible Debentures were initially convertible, subject to certain conditions, into common shares of the Company at an initial conversion price of approximately $12.07 per share, or eighty-two and eighty-two hundredths shares per one thousand in principal amount of debentures. The conversion rate is subject to adjustment for certain events outlined in the indenture governing the debentures (the Indenture), including payment of dividends. As of June 30, 2015, the implied conversion rate for the 2029 Convertible Debentures was $11.58 per share, or eighty-six and thirty-seven hundredths shares per one thousand in principal amount of debentures. There were 5.9 dilutive shares related to the 2029 Convertible Debentures for the three and six months ended June 30, 2015.

Shareholders’ Equity

The Company repurchased 0.6 and 1.5 of its common shares during the three and six months ended June 30, 2015 at an average price of $23.98 and $22.26 per share for a total of $14.6 and $32.6 under current authorizations approved by the Company's Board of Directors. Based upon timing of the transactions, $0.4 of shares repurchased had not settled as of June 30, 2015. These shares are excluded from outstanding shares at the end of the current quarter and were settled in cash during the third quarter of 2015. As of June 30, 2015, the Company had the authority to repurchase an additional $54.4 of outstanding common shares pursuant to current authorizations. On August 4, 2015, the Company's Board of Directors granted the Company approval to repurchase $250.0 common shares on a go-forward basis from the date of approval.

The Company also repurchased 0.2 shares at an average price of $25.33 for aggregate proceeds of $4.7 subsequent to June 30, 2015, through August 4, 2015.

Dividends

During 2014 and 2015, the Company's Board of Directors approved, and the Company has paid, the following dividends per common share:



Announcement Date	Record Date	Dividend Amount	Payment Date
November 6, 2013	December 27, 2013	$0.06	January 10, 2014
February 5, 2014	March 21, 2014	$0.06	April 4, 2014
May 12, 2014	June 19, 2014	$0.07	July 3, 2014
August 11, 2014	September 19, 2014	$0.07	October 3, 2014
November 5, 2014	December 26, 2014	$0.07	January 9, 2015
February 18, 2015	March 20, 2015	$0.07	April 3, 2015
May 5, 2015	June 18, 2015	$0.08	July 2, 2015

On August 4, 2015, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.08 per common share to be paid on October 2, 2015 to shareholders of record as of September 18, 2015.

The Board expects that future cash dividends will be paid on a quarterly basis. However, any decision to pay future cash dividends will be subject to Board approval, and will depend on the Company's future earnings, cash flow, financial condition, financial covenants and other relevant factors.