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Earnings Per Share
 9 Months Ended
Sep. 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 September 30,
 
Nine Months Ended September 30,
 
2012
 
2011
 
2012
 
2011
Numerator for basic and diluted earnings per share:
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
106.6

 
$
(166.4
)
 
$
297.7

 
$
52.9

Income (loss) from discontinued operations
1.7

 
(11.2
)
 
1.7

 
(8.1
)
Net income (loss)
$
108.3

 
$
(177.6
)
 
$
299.4

 
$
44.8

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

 
—

 
—

 
0.1

Net income (loss) for basic earnings per share
$
108.3

 
$
(177.6
)
 
$
299.4

 
$
44.9

Effect of Preferred Securities (1)
—

 
—

 
—

 
—

Net income (loss) for diluted earnings per share
$
108.3

 
$
(177.6
)
 
$
299.4

 
$
44.9

Denominator for basic and diluted earnings per share:
 
 
 
 
 
 
 
Weighted-average shares outstanding
288.0

 
290.8

 
288.9

 
291.1

Share-based payment awards classified as participating securities (2)
2.7

 
—

 
2.8

 
3.1

Denominator for basic earnings per share
290.7

 
290.8

 
291.7

 
294.2

Dilutive securities (3)
2.0

 
—

 
2.1

 
2.3

Convertible Notes (4)
—

 
—

 
—

 
0.3

Preferred Securities (1)
—

 
—

 
—

 
—

Denominator for diluted earnings per share
292.7

 
290.8

 
293.8

 
296.8

Basic earnings per share:
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
0.37

 
$
(0.57
)
 
$
1.02

 
$
0.18

Income (loss) from discontinued operations
0.01

 
(0.04
)
 
0.01

 
(0.03
)
Net income (loss)
$
0.37

 
$
(0.61
)
 
$
1.03

 
$
0.15

Diluted earnings per share:
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
0.36

 
$
(0.57
)
 
$
1.01

 
$
0.18

Income (loss) from discontinued operations
0.01

 
(0.04
)
 
0.01

 
(0.03
)
Net income (loss)
$
0.37

 
$
(0.61
)
 
$
1.02

 
$
0.15


(1)
As disclosed in Footnote 6, the outstanding Preferred Securities were redeemed on July 16, 2012. The Preferred Securities were anti-dilutive for all periods presented, 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 September 30, 2012 and 2011 would be increased by $0.6 million and $3.5 million, respectively, and net income for the nine months ended September 30, 2012 and 2011 would be increased by $7.6 million and $10.5 million, respectively. Weighted-average shares outstanding would be increased by 1.4 million and 8.3 million shares for the three months ended September 30, 2012 and 2011, respectively, and 6.0 million and 8.3 million shares for the nine months ended September 30, 2012 and 2011, respectively.

(2)
Share-based payment awards classified as participating securities are anti-dilutive for the three months ended September 30, 2011 and therefore have been excluded from basic and diluted earnings per share calculations. Had these securities been included, the weighted-average shares outstanding would be increased by 3.3 million for the three months ended September 30, 2011.

(3)
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 9.4 million and 19.3 million stock options and other securities for the three months ended September 30, 2012 and 2011, respectively, and 9.9 million and 12.1 million stock options and other securities for the nine months ended September 30, 2012 and 2011, respectively, because such securities were anti-dilutive. The weighted-average shares outstanding for the three and nine months ended September 30, 2012 also exclude the weighted average effect of 0.9 million performance stock units outstanding at September 30, 2012 because the securities were anti-dilutive.

(4)
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 nine months ended September 30, 2011 takes into consideration the period of time the Convertible Notes were outstanding.