10. Earnings per Share Attributable to RR Donnelley Common Shareholders


	Three Months Ended June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
Numerator:
Net earnings attributable to RR Donnelley common shareholders	$	12.2	$	88.8	$	46.1	$	141.4
Denominator:
Weighted average number of common shares outstanding		196.7		206.3		201.9		206.0
Dilutive options and awards (a)		2.8		3.6		2.6		3.4

Diluted weighted average number of common shares outstanding		199.5		209.9		204.5		209.4

Net earnings per share attributable to RR Donnelley common shareholders:
Basic	$	0.06	$	0.43	$	0.23	$	0.69

Diluted	$	0.06	$	0.42	$	0.23	$	0.68

Cash dividends paid per common share	$	0.26	$	0.26	$	0.52	$	0.52

(a)

Diluted net earnings per share attributable to RR Donnelley common shareholders takes into consideration the dilution of certain unvested restricted stock awards and unexercised stock option awards. For the three and six months ended June 30, 2011, restricted stock units of 2.8 million and 3.0 million, respectively, were excluded as their effect would be anti-dilutive. For the three and six months ended June 30, 2011, options to purchase 3.5 million shares were anti-dilutive because the option exercise price exceeded the fair value of the stock.

For the three and six months ended June 30, 2010, restricted stock units of 2.8 million and 3.0 million, respectively, were excluded as their effect would be anti-dilutive. For the three and six months ended June 30, 2010, options to purchase 3.6 million shares were anti-dilutive because the option exercise price exceeded the fair value of the stock.

As discussed in Note 9, on May 10, 2011, the Company received an initial delivery of 19.9 million shares under the ASR. The initial delivery of shares resulted in an immediate reduction of the outstanding shares used to calculate the weighted-average common shares outstanding for basic and diluted net earnings per share from the effective date of the agreement. Based upon the volume weighted average price of the Company's common stock through June 30, 2011, the shares related to the forward stock purchase component of the ASR were anti-dilutive for the three and six months ended June 30, 2011.