Earnings Per Share

9 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

Earnings Per Share

Earnings per Share

Total outstanding shares as of September 30, 2014 and 2013 were 114.1 million and 113.6 million, respectively. The calculation of basic earnings per common share is based on the weighted average number of common shares outstanding in the year, or period, over which they were outstanding. Our calculation of diluted earnings per common share assumes that any common shares outstanding were increased by shares that would be issued upon exercise of those stock units for which the average market price for the period exceeds the exercise price less the shares that could have been purchased by the Company with the related proceeds, including compensation expense measured but not yet recognized, net of tax.

	Three Months Ended September 30,		Nine Months Ended September 30,
(in millions)	2014	2013	2014	2013
Weighted-average number of common shares outstanding — basic	114.4	113.6	114.2	113.5
Stock-settled stock appreciation rights	0.6	0.8	0.6	0.8
Restricted stock units	2.0	1.4	1.9	1.3
Adjusted weighted-average shares and assumed conversions — diluted	117.0	115.8	116.7	115.6

Awards of potentially dilutive shares of common stock pursuant to stock options which have exercise prices that were higher than the average market price during the period are not included in the computation of dilutive earnings per share as their effect would have been anti-dilutive. For the three and nine months ended September 30, 2014 these shares were approximately 7.3 million and 6.6 million, respectively. For the three and nine months ended September 30, 2013 these shares were approximately 6.3 million and 5.5 million, respectively.