Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

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 Net income were as follows (in millions, except per share data):

	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
	2014		2013			2014			2013
Net income	$	67.4	$	64.3		$	161.2		$	136.6
Add: Loss from discontinued operations	0.1		1.5			0.8			9.3
Income from continuing operations	$	67.5	$	65.8		$	162.0		$	145.9
Weighted-average shares outstanding – basic	48.3		49.7			48.7			50.0
Add: Potential effect of dilutive securities attributable to stock-based payments	0.7		0.8			0.8			0.8
Weighted-average shares outstanding – diluted	49.0		50.5			49.5			50.8
Earnings per share – Basic:
Income from continuing operations	$	1.40	$	1.32		$	3.33		$	2.92
Loss from discontinued operations	—		(0.03		)	(0.02		)	(0.19		)
Net income	$	1.40	$	1.29		$	3.31		$	2.73
Earnings per share – Diluted:
Income from continuing operations	$	1.38	$	1.30		$	3.27		$	2.87
Loss from discontinued operations	—		(0.03		)	(0.01		)	(0.18		)
Net income	$	1.38	$	1.27		$	3.26		$	2.69

The following 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 (in millions, except for per share data):

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2014		2013		2014		2013
Weighted-average number of shares	0.3		—		0.3		—
Price range per share		$81.11 - $81.14	$	—		$81.11 - $81.14	$	—