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Earnings (Loss) Per Share and Shareholders' Equity
 9 Months Ended
Sep. 30, 2017
Earnings Per Share [Abstract]  
Earnings (Loss) Per Share and Shareholder's Equity
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
Three Months Ended September 30, 2017
 
 
 
 
 
 
Basic EPS
92.8


$34.8


$0.38

—


$—


$0.38

Effect of dilutive securities:
 
 
 



Stock-based compensation arrangements
0.7

—

—

—

—

—

Convertible Debt
6.3

—

(0.03
)
—

—

(0.03
)
Diluted EPS
99.8


$34.8


$0.35

—


$—


$0.35

Nine Months Ended September 30, 2017
 
 
 
 
 
 
Basic EPS
93.6


$112.5


$1.20

—


$—


$1.20

Effect of dilutive securities:
 
 
 



Stock-based compensation arrangements
0.8

—

(0.01
)
—

—

(0.01
)
Convertible Debt
6.3

—

(0.07
)
—

—

(0.07
)
Diluted EPS
100.7


$112.5


$1.12

—


$—


$1.12

Three Months Ended September 30, 2016
 
 
 
 
 
 
Basic EPS
95.6


$37.7


$0.39


$10.0


$0.11


$0.50

Effect of dilutive securities:
 
 
 
 


Stock-based compensation arrangements
0.7

—

—

—

—

—

Convertible Debt
6.8

—

(0.03
)
—

(0.01
)
(0.04
)
Diluted EPS
103.1


$37.7


$0.36


$10.0


$0.10


$0.46

Nine Months Ended September 30, 2016
 
 
 
 
 
 
Basic EPS
96.1


$115.5


$1.20


$10.0


$0.11


$1.31

Effect of dilutive securities:
 
 
 



Stock-based compensation arrangements
0.7


(0.01
)
—

—

(0.01
)
Convertible Debt
6.8


(0.08
)
—

(0.01
)
(0.09
)
Diluted EPS
103.6


$115.5


$1.11


$10.0


$0.10


$1.21


 
The diluted EPS calculation for the three and nine months ended September 30, 2017 excludes 0.3 performance-based restricted stock units granted in 2015, as the performance criteria has not yet been achieved, as well as 0.6 performance-based restricted stock units (0.3 granted in 2017 and 2016, respectively), as the performance criteria for the third year of the 2016 grants and the second and third years of the 2017 grants 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.

The diluted EPS calculation for the three and nine months ended September 30, 2017 includes 6.3 shares associated with the Company’s convertible debt. 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 implied conversion price of approximately $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 September 30, 2017, the implied conversion price for the 2029 Convertible Debentures was approximately $11.21 per share, or eighty-nine and twenty-two hundredths shares per one thousand dollars in principal amount of debentures.
 
Shareholders’ Equity
The Company repurchased 0.9 and 2.8 of its common shares during the three and nine months ended September 30, 2017 at average prices of $23.96 and $23.40 per share for a total of $21.9 and $65.6. Based upon the timing of transactions, $0.9 of the shares repurchased in December 2016 settled during the first quarter of 2017. Additionally, $0.6 of the shares repurchased during September 2017 had not settled as of September 30, 2017. These shares are excluded from outstanding shares at the end of the third quarter and were settled in cash during the fourth quarter of 2017.
 
As of September 30, 2017, the Company had the authority to repurchase $77.5 of outstanding common shares pursuant to the Board of Directors’ August 2015 increase of its then-existing authorization of share repurchases to $250.0 in the aggregate. The timing and terms of any future share repurchases 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 existing credit agreement.

Dividends
During 2016 and 2017, the Company’s Board of Directors declared the following dividends per common share, which were paid by the Company on the payment dates listed below:

Announcement Date
Record Date
Dividend Amount
Payment Date
February 23, 2016
March 24, 2016
$0.08
April 8, 2016
May 9, 2016
June 24, 2016
$0.09
July 8, 2016
August 8, 2016
September 23, 2016
$0.09
October 7, 2016
November 8, 2016
December 23, 2016
$0.09
January 6, 2017
February 22, 2017
March 24, 2017
$0.09
April 7, 2017
May 8, 2017
June 23, 2017
$0.10
July 7, 2017
August 8, 2017
September 22, 2017
$0.10
October 6, 2017


On November 7, 2017, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.10 per common share to be paid on January 5, 2017 to shareholders of record as of December 22, 2017.

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.