Earnings Per Common Share

Net income per common share is determined as follows:



	Three Months Ended June 30				Six Months Ended June 30
	2014		2013		2014		2013
	(in millions of dollars, except share data)
Numerator
Net Income	$	242.5	$	218.6	$	471.4	$	431.2

Denominator (000s)
Weighted Average Common Shares - Basic	256,790.2		265,560.4		258,092.7		267,452.0
Dilution for Assumed Exercises of Stock Options and Nonvested Stock Awards	1,119.5		1,175.9		1,210.4		1,084.6
Weighted Average Common Shares - Assuming Dilution	257,909.7		266,736.3		259,303.1		268,536.6

Net Income Per Common Share
Basic	$	0.94	$	0.82	$	1.83	$	1.61
Assuming Dilution	$	0.94	$	0.82	$	1.82	$	1.61

We use the treasury stock method to account for the effect of outstanding stock options, nonvested restricted stock units, and nonvested performance share units on the computation of diluted earnings per share. Under this method, these potential common shares will each have a dilutive effect, as individually measured, when the average market price of Unum Group common stock during the period exceeds the exercise price of the stock options and the grant price of the nonvested restricted stock units and the nonvested performance share units. The outstanding stock options have exercise prices ranging from $11.37 to $26.29, the nonvested restricted stock units have grant prices ranging from $19.38 to $34.73, and the nonvested performance share units have grant prices ranging from $23.97 to $33.86.

In computing earnings per share assuming dilution, only potential common shares that are dilutive (those that reduce earnings per share) are included. For the three and six month periods ended June 30, 2014, a de minimis amount of potential common shares were excluded in the computation of diluted earnings per share because the impact would be antidilutive, based on then current market prices. There were no potential common shares that were antidilutive for the three month period ended June 30, 2013. There were approximately 0.2 million potential common shares that were antidilutive for the six month period ended June 30, 2013.

Common Stock

Our board of directors has authorized the repurchase of Unum Group's common stock under the following repurchase programs:



	Share Repurchase Program Authorized During
	December 2013		July 2012
	(in millions of dollars)
Authorized Repurchase Amount	$	750.0	$	750.0
Remaining Repurchase Amount at June 30, 2014	$	529.9	$	—

The December 2013 share repurchase program has an expiration date of June 12, 2015.

Common stock repurchases, which are classified as treasury stock and accounted for using the cost method, were as follows:



	Three Months Ended June 30				Six Months Ended June 30
	2014		2013		2014		2013
	(in millions)
Shares Repurchased	2.9		3.6		5.8		7.3
Cost of Shares Repurchased (1)	$	100.0	$	98.4	$	200.1	$	193.5

(1) Includes commissions of $0.1 million and $0.1 million for the three and six month periods ended June 30, 2014 and 2013, respectively.

Preferred Stock

Unum Group has 25,000,000 shares of preferred stock authorized with a par value of $0.10 per share. No preferred stock has been issued to date.