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Earnings Per Share
 6 Months Ended
Jun. 30, 2012
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings per Share
The calculation of basic and diluted earnings per share is as follows (in millions, except per share data):
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2012
 
2011
 
2012
 
2011
Numerator for basic and diluted earnings per share:
 
 
 
 
 
 
 
Income from continuing operations
$
111.8

 
$
145.4

 
$
191.1

 
$
219.3

Income from discontinued operations
—

 
1.3

 
—

 
3.1

Net income
$
111.8

 
$
146.7

 
$
191.1

 
$
222.4

Dividends and equivalents for share-based awards expected to be forfeited
—

 
—

 
—

 
0.1

Net income for basic earnings per share
$
111.8

 
$
146.7

 
$
191.1

 
$
222.5

Effect of Preferred Securities (1)
—

 
3.5

 
—

 
—

Net income for diluted earnings per share
$
111.8

 
$
150.2

 
$
191.1

 
$
222.5

Denominator for basic and diluted earnings per share:
 
 
 
 
 
 
 
Weighted-average shares outstanding
289.4

 
291.4

 
289.4

 
291.3

Share-based payment awards classified as participating securities
2.7

 
2.9

 
2.7

 
2.9

Denominator for basic earnings per share
292.1

 
294.3

 
292.1

 
294.2

Dilutive securities (2)
1.9

 
2.3

 
2.2

 
2.7

Convertible Notes (3)
—

 
—

 
—

 
0.5

Preferred Securities (1)
—

 
8.3

 
—

 
—

Denominator for diluted earnings per share
294.0

 
304.9

 
294.3

 
297.4

Basic earnings per share:
 
 
 
 
 
 
 
Income from continuing operations
$
0.38

 
$
0.49

 
$
0.65

 
$
0.75

Income from discontinued operations
—

 
—

 
—

 
0.01

Net income
$
0.38

 
$
0.50

 
$
0.65

 
$
0.76

Diluted earnings per share:
 
 
 
 
 
 
 
Income from continuing operations
$
0.38

 
$
0.49

 
$
0.65

 
$
0.74

Income from discontinued operations
—

 
—

 
—

 
0.01

Net income
$
0.38

 
$
0.49

 
$
0.65

 
$
0.75


(1)
The Preferred Securities are anti-dilutive for the three months ended June 30, 2012 as well as for the six months ended June 30, 2012 and 2011, and therefore, have been excluded from diluted earnings per share. Had the Preferred Securities been included in the diluted earnings per share calculation, net income for the three months ended June 30, 2012 would be increased by $3.5 million and net income for each six month period ended June 30, 2012 and 2011 would be increased by $7.0 million. Weighted-average shares outstanding would be increased by 8.3 million shares for the three months ended June 30, 2012 and each of the six month periods ended June 30, 2012 and 2011. The Preferred Securities were dilutive for the three months ended June 30, 2011, and as a result, the interest expense included in net income has been added back on an after-tax basis and the shares of common stock into which the Preferred Securities are convertible have been included in the denominator for diluted earnings per share.

(2)
Dilutive securities include “in the money” options, non-participating restricted stock units and performance stock units. The weighted-average shares outstanding exclude the effect of 9.8 million and 11.9 million stock options for the three months ended June 30, 2012 and 2011, respectively, and 10.2 million and 12.1 million stock options and other securities for the six months ended June 30, 2012 and 2011, respectively, because such securities were anti-dilutive. The weighted-average shares outstanding for the three and six months ended June 30, 2012 also exclude the weighted average effect of 1.0 million performance stock units outstanding at June 30, 2012 because the securities were anti-dilutive.

(3)
As disclosed in Footnote 6, substantially all of the remaining outstanding principal amount of the Convertible Notes was extinguished in March 2011. The Convertible Notes did not meaningfully impact diluted average shares outstanding in periods subsequent to March 31, 2011 because the maximum amount of shares required to settle the “in the money” portion of the $0.1 million principal amount of the Convertible Notes is not material. Dilution for the six months ended June 30, 2011 takes into consideration the period of time the Convertible Notes were outstanding.