EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2011

Notes To Consolidated Financial Statements [Abstract]

13. EARNINGS PER SHARE (NU)

EPS is computed based upon the monthly weighted average number of common shares outstanding, excluding unallocated ESOP shares, during each period. Diluted EPS is computed on the basis of the monthly weighted average number of common shares outstanding plus the potential dilutive effect if certain securities are converted into common shares. The computation of diluted EPS excludes the effect of the potential exercise of share awards when the average market price of the common shares is lower than the exercise price of the related awards during the period. These outstanding share awards are not included in the computation of diluted EPS because the effect would have been antidilutive. For the nine months ended September 30, 2010, there were 2,104 share awards excluded from the computation, as these awards were antidilutive. There were no antidilutive share awards outstanding for the nine months ended September 30, 2011 or for the three months ended September 30, 2011 and 2010.

The following table sets forth the components of basic and diluted EPS:

		For the Three Months Ended				For the Nine Months Ended
(Millions of Dollars, except share information)		September 30, 2011		September 30, 2010		September 30, 2011		September 30, 2010
Net Income Attributable to Controlling Interests		$	90.0	$	100.5	$	281.4	$	258.7

Weighted Average Common Shares Outstanding:
	Basic		177,497,862		176,752,714		177,344,481		176,557,889
	Dilutive Effect		337,486		259,564		303,213		204,199
	Diluted		177,835,348		177,012,278		177,647,694		176,762,088
Basic EPS		$	0.51	$	0.57	$	1.59	$	1.47
Diluted EPS		$	0.51	$	0.57	$	1.58	$	1.46

RSUs and performance shares are included in basic common shares outstanding as of the date that all necessary vesting conditions have been satisfied. The dilutive effect of outstanding RSUs and performance shares for which common shares have not been issued is calculated using the treasury stock method. Assumed proceeds of the units under the treasury stock method consist of the remaining compensation cost to be recognized and a theoretical tax benefit. The theoretical tax benefit is calculated as the tax impact of the intrinsic value of the units (the difference between the market value of the average units outstanding for the period, using the average market price during the period, and the grant date market value).

The dilutive effect of stock options to purchase common shares is also calculated using the treasury stock method. Assumed proceeds for stock options consist of remaining compensation cost to be recognized, cash proceeds that would be received upon exercise, and a theoretical tax benefit. The theoretical tax benefit is calculated as the tax impact of the intrinsic value of the stock options (the difference between the market value of the average stock options outstanding for the period, using the average market price during the period, and the exercise price).

Allocated ESOP shares are included in basic common shares outstanding in the above table.