| Note 2. |
Income (Loss) Per Share of Common Stock
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A reconciliation of the numerator and denominator used to
calculate basic and diluted income (loss) per share of common stock
(“EPS”) is presented in the following table:
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Year
Ended |
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2013 |
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2012 |
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2011 |
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(In millions, except per
share
amounts) |
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Numerator for Basic and
Diluted EPS
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Income (loss) from
continuing operations
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$ |
167.7 |
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$ |
(5.7 |
) |
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$ |
2.9 |
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Income from discontinued
operations, net of income taxes
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0.2 |
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3.1 |
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— |
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Net income
(loss)
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167.9 |
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(2.6 |
) |
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2.9 |
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Income allocated to
participating securities
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(3.2 |
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— |
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— |
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Net income (loss) for basic
earnings per share
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164.7 |
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(2.6 |
) |
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2.9 |
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Interest on convertible
subordinated debentures
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8.1 |
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— |
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— |
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Net income (loss) for
diluted earnings per share
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$ |
172.8 |
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$ |
(2.6 |
) |
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$ |
2.9 |
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Denominator:
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Basic weighted average
shares
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59.6 |
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59.0 |
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58.7 |
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Effect of:
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Convertible subordinated
notes
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22.1 |
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— |
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— |
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Employee stock
options
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0.2 |
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— |
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— |
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Diluted weighted average
shares
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81.9 |
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59.0 |
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58.7 |
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Basic EPS:
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Income (loss) per share
from continuing operations
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$ |
2.76 |
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$ |
(0.09 |
) |
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$ |
0.05 |
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Income from discontinued
operations, net of income taxes
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— |
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0.05 |
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— |
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Net income (loss) per
share
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$ |
2.76 |
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$ |
(0.04 |
) |
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$ |
0.05 |
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Diluted EPS:
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Income (loss) per share
from continuing operations
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$ |
2.11 |
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$ |
(0.09 |
) |
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$ |
0.05 |
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Income from discontinued
operations, net of income taxes
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— |
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0.05 |
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— |
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Net income (loss) per
share
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$ |
2.11 |
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$ |
(0.04 |
) |
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$ |
0.05 |
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The following table sets forth the potentially dilutive
securities excluded from the computation because their effect would
have been anti-dilutive:
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Year
Ended |
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2013 |
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2012 |
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2011 |
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(In
millions) |
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4 1/16% Debentures
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— |
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22.2 |
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22.2 |
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Unvested restricted
shares
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1.1 |
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1.1 |
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0.8 |
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Employee stock
options
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— |
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0.9 |
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1.1 |
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Total potentially dilutive
securities
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1.1 |
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24.2 |
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24.1 |
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The Company’s 2 1/4% Debentures were not included in the computation of
diluted earnings per share because the market price of the common
stock did not exceed the conversion price and only the conversion
premium for these debentures is settled in common
shares.
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