Earnings Per Share Earnings Per Share

9 Months Ended

Jun. 30, 2014

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Earnings Per Share

Prior to September 1, 2013, the Company granted awards of nonvested stock that contain a nonforfeitable right to dividends, if declared. In accordance with FASB ASC Topic 260, Earnings Per Share, these awards are considered to be participating securities, and as a result, earnings per share is calculated using the two-class method. The two-class method is an earnings allocation method that determines earnings per share for common shares and participating securities. The undistributed earnings are allocated between common shares and participating securities as if all earnings had been distributed during the period. Participating securities and common shares have equal rights to undistributed earnings.

Effective September 1, 2013, new grants of awards of nonvested stock do not contain a nonforfeitable right to dividends during the vesting period. As a result, an employee will forfeit the right to dividends accrued on unvested awards if such awards do not ultimately vest. As such, these awards are not treated as participating securities in the earnings per share calculation as the employees do not have equivalent dividend rights as common shareholders.

The calculation of basic and diluted earnings per common share was as follows (in millions, except number of share amounts):

	Three Months Ended June 30,						Nine Months Ended June 30,
	2014			2013			2014			2013
Income from continuing operations, net of tax	$	105.1		$	148.4		$	231.5		$	280.6
Income from discontinued operations, net of tax	—			0.3			—			1.1
Net income	105.1			148.7			231.5			281.7
Earnings allocated to participating securities	(0.4		)	(0.9		)	(0.9		)	(1.8		)
Earnings available to common shareholders	$	104.7		$	147.8		$	230.6		$	279.9
Basic Earnings Per Share:
Weighted-average common shares outstanding	84,635,817			87,110,576			84,666,189			88,174,280
Diluted Earnings Per Share:
Basic weighted-average common shares outstanding	84,635,817			87,110,576			84,666,189			88,174,280
Dilutive stock options and other equity-based compensation awards	1,489,220			1,396,076			1,509,735			1,304,075
Participating restricted stock	(215,972		)	(260,326		)	(205,065		)	(207,382		)
Diluted weighted-average common shares outstanding	85,909,065			88,246,326			85,970,859			89,270,973

Shares not included in the computation of diluted earnings per share attributable to common shareholders because they would have been anti-dilutive were as follows:

	Three Months Ended June 30,		Nine Months Ended June 30,
	2014	2013	2014	2013
Stock awards	4,000	1,130,650	595,500	1,167,350