Earnings Per Share

12 Months Ended

Dec. 31, 2012

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

Basic and diluted earnings per share for 2012, 2011 and 2010 were calculated as follows:

	Year Ended December 31,
	2012		2011		2010
Numerator:
Net income	$	85.8	$	25.1	$	12.0
Less: Net income attributable to participating securities	—		—		(0.1		)
Net income available to common stockholders	$	85.8	$	25.1	$	11.9
Denominator - Weighted-average common shares outstanding (in thousands):
Basic1	19,115		18,979		19,377
Diluted2	19,278		18,979		19,377
Earnings per common share, Basic:
Net income per share	$	4.49	$	1.32	$	0.61
Earnings per common share, Diluted:
Net income per share2	$	4.45	$	1.32	$	0.61

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¹  The basic weighted-average number of common shares outstanding during the period excludes unvested share-based payment awards.

²  The diluted weighted-average number of common shares outstanding and diluted earnings per share for 2012 were calculated using the treasury method. The diluted weighted-average number of common shares outstanding and diluted earnings per share for 2011 and 2010 were calculated using the two-class method (see Note 1).    

Options to purchase 20,791 common shares at an average exercise price of $80.01 per share were outstanding at December 31, 2012. The potential dilutive effect of options outstanding was zero for 2012, 2011 and 2010. Warrants relating to approximately 3.6 million common shares at an average exercise price of approximately $61.31 per share at December 31, 2012 were outstanding. The potential dilutive effect of shares underlying the Warrants was zero for 2012, 2011 and 2010.

During 2012, 2011 and 2010, the Company paid a total of approximately $19.6 ($1.00 per common share), $18.9 ($0.96 per common share), and $19.0 ($0.96 per common share), respectively, in cash dividends to stockholders, including the holders of restricted stock, and dividend equivalents to the holders of restricted stock units and to the holders of any performance shares with respect to approximately one-half of the performance shares.

At December 31, 2012, $46.9 was available for repurchases of the Company's common shares under an outstanding stock repurchase authorization by the Company's Board of Directors. The Company purchased no shares pursuant to this authorization during 2012, 2011 or 2010.

During the first quarter of 2010, pursuant to a separate authorization from the Company's Board of Directors, the Company repurchased $44.2, or 1,151,900 shares, of the Company's outstanding common stock in privately negotiated, off-market transactions with purchasers of the Convertible Notes.