Earnings Per Share

9 Months Ended

Sep. 30, 2012

Earnings Per Share

3. Earnings Per Share

	Quarters Ended September 30,				Nine Months  Ended September 30,
	2012		2011		2012		2011
	(in millions, except per share amounts)
Numerator (basic and diluted):
Net income	$	11.3	$	14.2	$	35.3	$	41.6
Denominator:
Weighted-average shares – basic		20.7		20.5		20.6		20.5
Share-based awards		0.3		0.3		0.4		0.3
Convertible debentures		0.3		0.8		0.5		0.9
Weighted-average shares – diluted		21.3		21.6		21.5		21.7
Earnings per share:
Basic	$	0.54	$	0.70	$	1.71	$	2.03
Diluted	$	0.53	$	0.66	$	1.64	$	1.92

As discussed 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.