Net Income (Loss) Per Common Share

12 Months Ended

Dec. 31, 2012

Net Income (Loss) Per Common Share

11. Net Income (Loss) Per Common Share

The following table presents the calculation of net income (loss) per common share on a basic and diluted basis for the years ended December 31, 2012, 2011 and 2010:

(in millions, except number of shares and per share amounts)	2012		2011			2010
Net income (loss)	$	52.3	$	(81.9	)	$	86.7
Weighted average common shares outstanding - basic		25,539,991		27,169,132			29,566,004
Effect of dilutive securities
Equity compensation awards		504,764		0			369,968
Weighted average common shares outstanding - diluted		26,044,755		27,169,132			29,935,972
Net income (loss) per common share - basic	$	2.05	$	(3.02	)	$	2.93
Net income (loss) per common share - diluted	$	2.01	$	(3.02	)	$	2.90

Excluded from the weighted average common shares outstanding calculation at December 31, 2012, 2011 and 2010 are 6,459,613 shares, 4,971,305 shares and 3,363,560 shares, respectively, which are held as treasury shares. The shares are excluded as of their repurchase date. In 2012, equity compensation awards to purchase 550,632 shares of common stock were excluded from the computation of diluted net income per common share as these instruments were anti-dilutive. These instruments expire at varying times from 2013 through 2019. In 2011, equity compensation awards to purchase 1,920,151 shares of common stock were excluded from the computation of diluted net loss per common share because the net loss caused their effect to be anti-dilutive. These instruments expire at varying times from 2012 through 2018. In 2010, equity compensation awards to purchase 386,297 shares of common stock were excluded from the computation of diluted net income per common share as these instruments were anti-dilutive. These instruments expire at varying times from 2011 through 2017.