Earnings Per Share

9 Months Ended

Sep. 30, 2011

14. Earnings Per Share:

Basic earnings per share are computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted earnings per share are computed by dividing net income by the sum of the weighted-average number of shares and the number of equivalent shares assumed outstanding, if dilutive, under our stock-based compensation plans.

The computations of basic and diluted earnings per share for Income from Continuing Operations were as follows (in millions, except per share data):


	For the				For the
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2011		2010		2011		2010
Net income	$	33.8	$	41.8	$	71.6	$	88.5

Add: Loss from discontinued operations		—		0.1		—		0.8

Income from continuing operations	$	33.8	$	41.9	$	71.6	$	89.3


Weighted-average shares outstanding — basic		52.2		53.8		53.0		55.0
Effect of dilutive securities attributable to stock-based payments		0.6		1.2		0.9		1.2

Weighted-average shares outstanding — diluted		52.8		55.0		53.9		56.2


Earnings per share from continuing operations:
Basic	$	0.65	$	0.78	$	1.35	$	1.62
Diluted	$	0.64	$	0.76	$	1.33	$	1.59

Stock appreciation rights were outstanding, but not included in the diluted earnings per share calculation because the assumed exercise of such rights would have been anti-dilutive. The details are as follows:


	For the Nine Months Ended September 30,
	2011		2010
Number of shares		2,275,894		520,817
Price ranges per share	$	28.24 — $46.78	$	$36.94