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Earnings per Share
 6 Months Ended
Jun. 30, 2014
Earnings per Share

10. Earnings per Share

Basic earnings per share is calculated by dividing net earnings attributable to RR Donnelley common shareholders by the weighted average number of common shares outstanding for the period. In computing diluted earnings per share, basic earnings per share is adjusted for the assumed issuance of all potentially dilutive share-based awards, including stock options, restricted stock units and performance share units. Performance share units are considered anti-dilutive and excluded if the performance targets upon which the issuance of the shares is contingent have not yet been achieved and the respective performance period has not been completed as of the end of the current period. Additionally, stock options are considered anti-dilutive when the exercise price exceeds the average of the Company’s stock price during the applicable period.

During the six months ended June 30, 2014 and 2013, no shares of common stock were purchased by the Company; however, shares were withheld for tax liabilities upon the vesting of equity awards. During the three months ended March 31, 2014, the Company issued stock in conjunction with the Consolidated Graphics and Esselte acquisitions of 16.0 million shares and 1.0 million shares, respectively.

The reconciliation of the numerator and denominator of the basic and diluted earnings per share calculation and the anti-dilutive share-based awards for the three and six months ended June 30, 2014 and 2013 were as follows:

 

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,

 

 

June 30,

 

 

2014

 

 

2013

 

 

2014

 

 

2013

 

Net earnings per share attributable to RR Donnelley common shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.32

 

 

$

0.36

 

 

$

0.18

 

 

$

0.51

 

Diluted

$

0.32

 

 

$

0.36

 

 

$

0.18

 

 

$

0.51

 

Dividends declared per common share

$

0.26

 

 

$

0.26

 

 

$

0.52

 

 

$

0.52

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings attributable to RR Donnelley common shareholders

$

64.7

 

 

$

65.4

 

 

$

35.7

 

 

$

92.5

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding

 

200.2

 

 

 

182.0

 

 

 

196.7

 

 

 

181.6

 

Dilutive options and awards

 

1.2

 

 

 

1.2

 

 

 

1.5

 

 

 

1.5

 

Diluted weighted average number of common shares outstanding

 

201.4

 

 

 

183.2

 

 

 

198.2

 

 

 

183.1

 

Weighted average number of anti-dilutive share-based awards:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted stock units

 

1.4

 

 

 

1.9

 

 

 

1.2

 

 

 

1.7

 

Performance share units

 

1.0

 

 

 

1.0

 

 

 

1.0

 

 

 

0.8

 

Stock options

 

3.4

 

 

 

4.0

 

 

 

3.5

 

 

 

4.2

 

Total

 

5.8

 

 

 

6.9

 

 

 

5.7

 

 

 

6.7