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Earnings (Loss) per Common Share
 12 Months Ended
Dec. 31, 2012
Earnings Per Share [Abstract]  
Earnings (Loss) per Common Share
Note 4 – Earnings (Loss) per Common Share

Basic earnings per common share is calculated by dividing Net earnings by the weighted average number of common shares outstanding during the period.  Diluted earnings per common share is calculated similarly, except that the calculation includes the dilutive effect of Stock-settled Stock Appreciation Rights (SARs) and stock options (collectively “options”), non-vested stock awards and performance awards.

Basic and diluted earnings per common share for the years ended December 31, 2012, 2011 and 2010 were calculated as follows:
(in millions, except per share data)
2012
 
2011
 
2010
Net earnings (loss) from continuing operations
$
147.4

 
$
90.6

 
$
(64.0
)
Net earnings (loss) from discontinued operations, net of tax
(97.4
)
 
(18.7
)
 
(46.6
)
Net earnings (loss)
$
50.0

 
$
71.9

 
$
(110.6
)
 
 
 
 
 
 
Weighted average outstanding shares – basic
89.8

 
89.3

 
88.7

Dilutive effect of common stock equivalents
2.6

 
2.9

 
—

Weighted average outstanding shares – diluted
92.4

 
92.2

 
88.7

 
 
 
 
 
 
Basic earnings (loss) per common share:
 
 
 
 
 
Continuing operations
$
1.64

 
$
1.02

 
$
(0.72
)
Discontinued operations
(1.08
)
 
(0.21
)
 
(0.53
)
Net earnings (loss)
$
0.56

 
$
0.81

 
$
(1.25
)
 
 
 
 
 
 
Diluted earnings (loss) per common share:
 
 
 
 
 
Continuing operations
$
1.59

 
$
0.98

 
$
(0.72
)
Discontinued operations
(1.05
)
 
(0.20
)
 
(0.53
)
Net earnings (loss)
$
0.54

 
$
0.78

 
$
(1.25
)


As of December 31, 2012, the Company had 8.2 million options outstanding, of which 5.5 million were exercisable.  This compares with 9.3 million options outstanding, of which 5.1 million were exercisable, as of December 31, 2011.  During the year ended December 31, 2012, there were 2.2 million weighted average shares of options outstanding for which the exercise price, based on the average price, was greater than the average market price of the Company’s shares for the period then ended.  These options were not included in the computation of diluted earnings per common share because the effect would have been anti-dilutive. This compares to 3.0 million anti-dilutive weighted average shares of options outstanding that were excluded from the corresponding period ended December 31, 2011. Common stock equivalents had an anti-dilutive effect on the net losses from operations during the year ended December 31, 2010 and were not included in the diluted loss per common share computation for that period. Changes in average outstanding basic shares from 2010 to 2012 reflect low levels of stock plan activity.