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
Shares (in millions)	Shares	Net Income		Per Share Amount			Net Income		Per Share Amount		Per Share Amount
2015:
Basic EPS	98.1	$	168.4	$	1.72		$	0.6	$	0.01	$	1.73
Effect of dilutive securities:
Stock-based compensation arrangements	0.8	—		(0.03		)	—		—		(0.03		)
Convertible Debt	5.8	—		(0.09		)	—		—		(0.09		)
Diluted EPS	104.7	$	168.4	$	1.60		$	0.6	$	0.01	$	1.61
2014:
Basic EPS	100.7	$	116.5	$	1.16		$	3.5	$	0.03	$	1.19
Effect of dilutive securities:
Stock-based compensation arrangements	1.0	—		(0.02		)	—		—		(0.02		)
Convertible Debt	4.5	—		(0.04		)	—		—		(0.04		)
Diluted EPS	106.2	$	116.5	$	1.10		$	3.5	$	0.03	$	1.13
2013:
Basic EPS	103.3	$	58.5	$	0.57		$	2.4	$	0.02	$	0.59
Effect of dilutive securities:
Stock-based compensation arrangements	1.2	—		(0.01		)	—		—		(0.01		)
Convertible Debt	4.7	—		(0.02		)	—		—		(0.02		)
Diluted EPS	109.2	$	58.5	$	0.54		$	2.4	$	0.02	$	0.56

The diluted EPS calculation excludes 0.4 and 0.3 of performance-based restricted stock units granted in 2015 and 2014, respectively, as performance criteria have not yet been fully defined, thereby precluding a grant for accounting purposes due to a lack of a mutual understanding of the terms of the stock-based awards.

As described more fully in Note 7, 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 convertible, subject to certain conditions, into shares of the Company’s common stock at an initial conversion price of $12.07 per share, or eighty-two and eighty-two hundredths shares per one thousand dollars in principal amount of debentures. The conversion rate is subject to adjustment for certain events outlined in the indenture governing the 2029 Convertible Debentures (the Indenture), including payment of dividends. As of December 31, 2015, the implied conversion price for the 2029 Convertible Debentures was $11.50 per share, or eighty-six and ninety-five hundredths shares per one thousand dollars in principal amount of debentures. There were 5.8, 4.5 and 4.7 dilutive shares related to the 2029 Convertible Debentures for 2015, 2014 and 2013, respectively.

Shareholders’ Equity

The Company repurchased 3.1 of its common shares during the year ended December 31, 2015 at an average price of $23.30 per share for a total of $72.5. Based upon the timing of transactions, $0.9 of the shares repurchased had not settled as of December 31, 2015. There were 2.3 shares repurchased during the year ended December 31, 2014. Below is a summary of the Company’s share repurchases during 2015, 2014 and 2013:



	Shares	Cost
2015	3.1	$	72.5
2014	2.3	$	46.3
2013	6.7	$	119.0

At December 31, 2015, the Company had the authority to repurchase an additional $214.7 of outstanding common shares pursuant to share repurchase authorizations approved by the Company’s Board of Directors, including approval by the Company’s Board of Directors in August 2015 to increase the remaining authorized share repurchases to $250.0 in the aggregate. The timing and terms of any future transactions will depend on a number of considerations including market conditions, our available liquidity and capital needs, and limits on share repurchases that may be applicable under the covenants in our Credit Agreement.

Preferred Shares

The Company is authorized to issue up to 4.0 voting preferred shares, and 1.0 nonvoting preferred shares. At December 31, 2015 and 2014, there were no preferred shares issued or outstanding.

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
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
August 4, 2015	September 18, 2015	$0.08	October 2, 2015
November 4, 2015	December 24, 2015	$0.08	January 8, 2016

On February 23, 2016, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.08 per common share to be paid on April 8, 2016 to shareholders of record as of March 24, 2016.

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.