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Earnings Per Share
 6 Months Ended
Jun. 30, 2012
Earnings Per Share
3. Earnings Per Share

 

     Quarters Ended
June 30,		      Six Months Ended
June  30,		  
     2012      2011      2012      2011  
     (in millions, except per share amounts)  

Numerator (basic and diluted):

            

Net income

    $ 10.2       $ 12.2       $ 24.0       $ 27.4   
  

 

 

     

 

 

     

 

 

     

 

 

  

Denominator:

            

Weighted-average shares – basic

      20.7         20.5         20.6         20.5   

Share-based awards

      0.4         0.3         0.4         0.3   

Convertible debentures

      0.7         1.1         0.6         0.9   
  

 

 

     

 

 

     

 

 

     

 

 

  

Weighted-average shares – diluted

      21.8         21.9         21.6         21.7   
  

 

 

     

 

 

     

 

 

     

 

 

  

Earnings per share:

            

Basic

    $ 0.50       $ 0.59       $ 1.16       $ 1.34   
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted

    $ 0.47       $ 0.56       $ 1.11       $ 1.26   
  

 

 

     

 

 

     

 

 

     

 

 

  

As discussed further in Note 8, the Company previously issued Convertible Senior Debentures (the “Debentures”). Under the terms of the Debentures, upon conversion, the Company would settle the par amount of its obligations in cash and the remaining obligations, if any, in common shares. Pursuant to applicable accounting guidelines, the Company includes the conversion option effect in diluted earnings per share during such periods when the Company’s average stock price exceeds the stated conversion price.