Earnings Per Share

9 Months Ended

Sep. 30, 2016

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,
	2016		2015		2016			2015
Numerator for basic and diluted earnings per share:
Income from continuing operations	$	186.5	$	134.0	$	362.6		$	339.0
(Loss) income from discontinued operations, net of tax	—		0.2		(0.4		)	(2.2		)
Net income	$	186.5	$	134.2	$	362.2		$	336.8
Dividends and equivalents for share-based awards expected to be forfeited	—		0.1		—			0.1
Net income for basic and diluted earnings per share	$	186.5	$	134.3	$	362.2		$	336.9
Denominator for basic and diluted earnings per share:
Weighted-average shares outstanding	482.3		267.5		396.9			268.2
Share-based payment awards classified as participating securities	1.7		1.3		1.4			1.4
Denominator for basic earnings per share	484.0		268.8		398.3			269.6
Dilutive securities ⁽¹⁾	2.2		2.2		1.8			2.2
Denominator for diluted earnings per share	486.2		271.0		400.1			271.8


(1)	Dilutive securities include “in the money” options, non-participating restricted stock units and performance stock units. The weighted-average shares outstanding for the nine months ended September 30, 2016 and 2015 exclude the weighted average effect of 0.1 million and 0.2 million outstanding performance stock units, respectively, because the securities were anti-dilutive.

As of September 30, 2016, there were 9.1 million shares of the Company’s common stock that had not been issued to the former holders of 10.6 million of Jarden shares who are exercising their right to judicial appraisal under Delaware law. Absent consent by the Company, these dissenting shareholders are no longer entitled to the merger consideration, but are instead entitled only to the judicially determined fair value of their shares, plus interest accruing from the date of the Jarden Acquisition, payable in cash. However, it is possible that the Company could issue a consent to or reach agreement with one or more of these shareholders resulting in the issuance of Company shares (in lieu of or along with the payment of cash) in settlement of the dissenters’ claims.