Net Income Per Common Share

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

Net Income Per Common Share

13. Net Income Per Common Share

The following table presents the calculation of net income per common share on a basic and diluted basis:

	For the Years Ended December 31,
(in millions, except number of shares and per share amounts)	2014		2013		2012
Net income	$	183.2	$	143.2	$	52.3
Weighted average common shares outstanding - basic		26,082,114		26,851,341		28,095,210
Effect of dilutive securities:
Equity compensation awards		475,037		1,018,192		555,238
Weighted average common shares outstanding - diluted		26,557,151		27,869,533		28,650,448
Net income per common share:
Basic	$	7.02	$	5.33	$	1.86
Diluted	$	6.90	$	5.14	$	1.83

Excluded from the weighted average common shares outstanding calculation at December 31, 2014, 2013 and 2012 are 8,606,489 shares, 7,558,345 shares and 6,459,613 shares, respectively, which are held as treasury shares. The shares are excluded as of their repurchase date. In 2014, equity compensation awards to purchase 1,700 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 2015 through 2021. In 2013, equity compensation awards to purchase 3,300 shares of common stock were excluded from the computation of diluted net income per common share as these instruments were anti-dilutive. These instruments expired or will expire at varying times from 2014 through 2020. 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 expired or will expire at varying times from 2013 through 2019.

On February 17, 2015, our Board of Directors declared a 10% stock dividend payable on March 16, 2015, to shareholders of record at the close of business on March 2, 2015. The share numbers and per share amounts shown in the table above have not been retroactively adjusted to give effect to the stock dividend. For additional details regarding the stock dividend, see Note 27, “Subsequent Event.”