Earnings Per Share

3 Months Ended

Mar. 31, 2016

Earnings per Share

We compute basic earnings per share by dividing net income available to our common shareholders by the weighted average number of shares of our common stock outstanding. We appropriately weighted shares issued or reacquired during the period for the portion of the period that they were outstanding. Our diluted earnings per share reflect the impacts of our potentially dilutive securities, which include our equity compensation awards.

In 2015, we completed our $250 million share repurchase authorization approved in 2014. On January 29, 2016, our board of directors authorized a new $300 million stock repurchase program. As of March 31, 2016, 1.2 million shares had been repurchased for $50.0 million.

The following table shows the computation of our basic and diluted net income per common share (in millions, except per share amounts):



	Three Months Ended March 31
	2016		2015
Numerator:
Net income	$	69.3	$	62.2
Denominator:
Weighted average shares outstanding - basic	41.4		44.1
Effect of dilutive securities:
Equity compensation plans	0.4		0.7
Weighted average shares outstanding - diluted	41.8		44.8
Basic earnings per share	$	1.67	$	1.41
Diluted earnings per share	$	1.66	$	1.39