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Earnings per Share
 12 Months Ended
Dec. 31, 2015
Earnings Per Share [Abstract]  
Earnings per Share

Note 15. 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 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 market value of the Company’s stock price during the applicable period.

During the years ended December 31, 2015, 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 year ended December 31, 2015, the Company issued 8.0 million shares of stock in conjunction with the Courier acquisition.  During the year-ended December 31, 2014, the Company issued stock in conjunction with the Consolidated Graphics and Esselte acquisitions of 16.0 million 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 years ended December 31, 2015, 2014 and 2013 were as follows:

 

 

2015

 

 

2014

 

 

2013

 

Net earnings per share attributable to RR Donnelley common shareholders:

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.73

 

 

$

0.59

 

 

$

1.16

 

Diluted

$

0.73

 

 

$

0.59

 

 

$

1.15

 

Dividends declared per common share

$

1.04

 

 

$

1.04

 

 

$

1.04

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

Net earnings attributable to RR Donnelley common shareholders

$

151.1

 

 

$

117.4

 

 

$

211.2

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding

 

205.6

 

 

 

198.5

 

 

 

181.9

 

Dilutive options and awards

 

1.2

 

 

 

1.5

 

 

 

1.6

 

Diluted weighted average number of common shares outstanding

 

206.8

 

 

 

200.0

 

 

 

183.5

 

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

 

 

 

 

 

 

 

 

 

 

 

Stock options

 

2.0

 

 

 

2.0

 

 

 

3.9

 

Performance share units

 

0.7

 

 

 

0.7

 

 

 

0.6

 

Restricted stock units

 

—

 

 

 

—

 

 

 

1.5

 

Total

 

2.7

 

 

 

2.7

 

 

 

6.0