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Earnings Per Share Attributable To RR Donnelley Common Shareholders
9 Months Ended
Sep. 30, 2011
Earnings Per Share Attributable To RR Donnelley Common Shareholders [Abstract] 
Earnings Per Share Attributable To RR Donnelley Common Shareholders

10. Earnings per Share Attributable to RR Donnelley Common Shareholders

                                 
     Three Months Ended
September 30,		      Nine Months Ended
September 30,		  
     2011      2010      2011      2010  

Numerator:

                                    

Net earnings attributable to RR Donnelley common shareholders

    $ 158.0       $ 53.3       $ 204.1       $ 194.7   

Denominator:

                                    

Weighted average number of common shares outstanding

      188.1         206.3         197.2         206.1   

Dilutive options and awards (a)

      2.7         3.6         2.6         3.5   
    

 

 

     

 

 

     

 

 

     

 

 

  

Diluted weighted average number of common shares outstanding

      190.8         209.9         199.8         209.6   
    

 

 

     

 

 

     

 

 

     

 

 

  

Net earnings per share attributable to RR Donnelley common shareholders:

                                    

Basic

    $ 0.84       $ 0.26       $ 1.03       $ 0.94   
    

 

 

     

 

 

     

 

 

     

 

 

  

Diluted

    $ 0.83       $ 0.25       $ 1.02       $ 0.93   
    

 

 

     

 

 

     

 

 

     

 

 

  

Cash dividends paid per common share

    $ 0.26       $ 0.26       $ 0.78       $ 0.78   

(a)

Diluted options and awards take into consideration the dilution of certain unvested restricted stock awards, performance awards and unexercised stock option awards. For the three and nine months ended September 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 nine months ended September 30, 2011, performance stock units of 0.2 million were excluded as their effect would be anti-dilutive. For the three and nine months ended September 30, 2011, options to purchase 3.6 million shares and 3.5 million shares, respectively, were anti-dilutive because the option exercise price exceeded the fair value of the stock.

 

For the three and nine months ended September 30, 2010, restricted stock units of 2.7 million and 2.9 million, respectively, were excluded as their effect would be anti-dilutive. For the three and nine months ended September 30, 2010, options to purchase 3.7 million shares and 3.6 million shares, respectively, were anti-dilutive because the option exercise price exceeded the fair value of the stock.

As discussed in Note 9, 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 September 30, 2011, the shares related to the forward stock purchase component of the ASR were anti-dilutive for the three and nine months ended September 30, 2011.