Earnings Per Share

6 Months Ended

Jun. 30, 2017

Earnings per share

At June 30, 2017, the number of shares outstanding was 146.1 million (June 30, 2016 - 148.4 million).

Basic earnings per share have been calculated using net income for the period divided by the weighted-average number of shares outstanding during the period.

The number of shares used in earnings per share calculations is reconciled as follows:



	For the three months ended June 30		For the six months ended June 30
(in millions)	2017	2016	2017	2016
Weighted-average basic shares outstanding	146.5	151.7	146.5	152.3
Dilutive effect of stock options	0.4	0.9	0.5	0.9
Weighted-average diluted shares outstanding	146.9	152.6	147.0	153.2

For the three and six months ended June 30, 2017, there were 269,855 options and 385,928 options, respectively, excluded from the computation of diluted earnings per share because their effects were not dilutive (three and six months ended June 30, 2016 - 440,009 and 443,000, respectively).