XML 66 R12.htm IDEA: XBRL DOCUMENT v3.2.0.727
Earnings Per Share
 6 Months Ended
Jun. 30, 2015
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share
Basic earnings per share is based on the weighted average number of common shares outstanding. Diluted earnings per share is based on the weighted average number of common shares outstanding plus the dilutive effect, if any, of market share units, or MSUs, performance shares, restricted stock units, or RSUs, stock options, deferred shares associated with our deferred compensation program for non-employee directors and, for the applicable periods, the potential conversion of our 10% convertible senior notes due 2018, which were converted into common stock in December 2013 and April 2014.
The reconciliation of basic earnings per share to diluted earnings per share is shown in the following table.
 
Three months ended June 30,
 
Six months ended June 30,
 
 
(millions, except per-share data)
2015
 
2014
 
2015
 
2014
Income from continuing operations
$
79

 
$
58

 
$
103

 
$
103

Loss from discontinued operations
—

 
(1
)
 
—

 
(1
)
Net income
79

 
57

 
103

 
102

Effect of dilutive securities - RSUs, MSUs, performance shares and stock options
—

 
—

 
—

 
—

Effect of dilutive securities - 10% convertible senior notes
—

 
—

 
—

 
2

Effect of dilutive securities - Deferred compensation program for non-employee directors
—

 
—

 
—

 
—

Income available to shareholders
$
79

 
$
57

 
$
103

 
$
104

 
 
 
 
 
 
 
 
Average common shares
145.4

 
144.5

 
145.4

 
139.7

Dilutive RSUs, MSUs, performance shares and stock options
1.6

 
2.3

 
1.6

 
2.5

Common shares issuable upon conversion of our 10% convertible senior notes
—

 
—

 
—

 
4.7

Deferred shares associated with a deferred compensation program for non-employee directors
—

 
0.2

 
0.2

 
—

Average diluted common shares
147.0

 
147.0

 
147.2

 
146.9

 
 
 
 
 
 
 
 
Earnings (loss) per average common share:
 
 
 
 
 
 
 
     Income from continuing operations
$
0.54

 
$
0.40

 
$
0.70

 
$
0.74

     Loss from discontinued operations
—

 
(0.01
)
 
—

 
(0.01
)
Earnings per average common share
$
0.54

 
$
0.39

 
$
0.70

 
$
0.73

 
 
 
 
 
 
 
 
Diluted earnings (loss) per average common share:
 
 
 
 
 
 
 
     Income from continuing operations
$
0.54

 
$
0.39

 
$
0.70

 
$
0.72

     Loss from discontinued operations
—

 
(0.01
)
 
—

 
(0.01
)
Earnings per average diluted common share
$
0.54

 
$
0.38

 
$
0.70

 
$
0.71

MSUs, performance shares, RSUs, and stock options and deferred shares associated with our deferred compensation program for non-employee directors that were not included in the computation of diluted earnings per share for those periods because their inclusion would be anti-dilutive were as follows:
 
Three months ended June 30,
 
Six months ended June 30,
(millions, common shares)
2015
 
2014
 
2015
 
2014
MSUs, performance shares, RSUs and stock options
1.8

 
2.1

 
1.9

 
2.1

Deferred shares associated with a deferred compensation program for non-employee directors
0.2

 
—

 
—

 
0.2