Earnings Per Share

12 Months Ended

Dec. 31, 2011

Earnings Per Share [Abstract]

Earnings Per Share

Note 15. Earnings per Share

	2011			2010		2009
Numerator:
Net earnings (loss) attributable to RR Donnelley common shareholders	$	(122.6	)	$	221.7	$	(27.3	)
Denominator:
Weighted average number of common shares outstanding		193.8			206.4		205.2
Dilutive options and awards(a)		—			3.3		—
Diluted weighted average number of common shares outstanding		193.8			209.7		205.2
Net earnings (loss) per share attributable to RR Donnelley common shareholders:
Basic	$	(0.63	)	$	1.07	$	(0.13	)
Diluted	$	(0.63	)	$	1.06	$	(0.13	)
Cash dividends paid per common share	$	1.04		$	1.04	$	1.04

(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 years ended December 31, 2011, 2010 and 2009, restricted stock units of 5.0 million, 2.7 million and 5.5 million, respectively, were excluded as their effect would be anti-dilutive. For the year ended December 31, 2011, performance stock units of 0.2 million were excluded as their effect would be anti-dilutive. For the years ended December 31, 2011, 2010 and 2009, options to purchase 4.0 million shares, 3.6 million shares and 4.2 million shares, respectively, were anti-dilutive because the option exercise price exceeded the fair value of the stock.

On May 3, 2011, the Board of Directors of the Company approved a program that authorizes the repurchase of up to $1.0 billion of the Company's common stock through December 31, 2012 and terminated its existing authorization of October 29, 2008 for the repurchase of up to 10 million shares. Share repurchases under the program may be made from time to time through a variety of methods as determined by the Company's management. The repurchase authorizations do not obligate the Company to acquire any particular amount of common stock or adopt any particular method of repurchase and may be modified, suspended or terminated at any time at the Company's discretion.

As part of the share repurchase program, on May 5, 2011, the Company entered into an accelerated share repurchase agreement ("ASR") with an investment bank under which the Company agreed to repurchase $500.0 million of its common stock. On May 10, 2011, the Company paid the $500.0 million purchase price and received an initial delivery of 19.9 million shares from the investment bank. The shares delivered were subject to a 20%, or $100.0 million holdback, which resulted in the Company receiving an additional 9.3 million shares on November 17, 2011. The additional shares received were calculated based upon the $17.13 volume weighted average price of the Company's common stock over an averaging period, subject to a discount agreed upon with the investment bank. The averaging period ended on November 14, 2011.

The ASR was originally accounted for as a stock purchase transaction and a forward stock purchase contract, which was classified as an equity instrument. Both the initial and final delivery of shares resulted in a 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 ASR.

During the years ended December 31, 2010 and 2009, no shares of common stock were purchased by the Company in the open market.