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.