EARNINGS PER SHARE
The two-class method requires allocating the Company’s net earnings to both common shares and participating securities. The following table sets forth the computation of basic and diluted earnings per common share (in millions, except for share and per share data): | | | | | | | | | | | | | | Year ended December 31, | | 2017 | | 2016 | | 2015 | Numerator: | | | | | | | Net earnings | | $ | 42.7 |
| | $ | 162.7 |
| | $ | 159.2 |
| Less: Net earnings allocated to participating securities(a) | | (0.5 | ) | | (0.8 | ) | | (1.0 | ) | Net earnings available to common shareholders | | $ | 42.2 |
| | $ | 161.9 |
| | $ | 158.2 |
| Denominator (in thousands): | | |
| | |
| | |
| Weighted average common shares outstanding, shares for basic earnings per share(b) | | 33,819 |
| | 33,776 |
| | 33,677 |
| Weighted average equity awards outstanding | | 1 |
| | 4 |
| | 15 |
| Shares for diluted earnings per share | | 33,820 |
| | 33,780 |
| | 33,692 |
| Net earnings per common share, basic | | $ | 1.25 |
| | $ | 4.79 |
| | $ | 4.70 |
| Net earnings per common share, diluted | | $ | 1.25 |
| | $ | 4.79 |
| | $ | 4.69 |
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| | (a) | Participating securities include PSUs and RSUs that receive non-forfeitable dividends. Net earnings were allocated to participating securities of 166,000, 164,000 and 198,000 for 2017, 2016 and 2015, respectively. |
| | (b) | For the calculation of diluted earnings per share, the Company uses the more dilutive of either the treasury stock method or the two-class method to determine the weighted average number of outstanding common shares. In addition, the Company had 640,000, 509,000 and 432,000 weighted options outstanding for 2017, 2016 and 2015, respectively, which were anti-dilutive and therefore not included in the diluted earnings per share calculation. |
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