STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2011

STOCKHOLDERS' EQUITY

11.   STOCKHOLDERS' EQUITY

Earnings Per Share - Basic net earnings per common share is computed using the weighted average of common shares outstanding during the year. Diluted net earnings per common share reflects the potential dilution from assumed conversion of all dilutive securities such as stock options and unvested restricted stock using the treasury stock method. When the effects of the outstanding stock options are anti-dilutive, they are not included in the calculation of diluted earnings per common share. For the years ended December 31, 2011, 2010 and 2009, securities totaling approximately 0.5, 0.5, and 1.0 million shares, respectively, were excluded from the determination of diluted earnings per common share because  the effect would have been anti-dilutive.

The following table sets forth the computation of basic and diluted net earnings per share for the years ended December 31, 2011, 2010 and 2009:

	Year Ended December 31,
	2011		2010		2009
Numerator: net earnings	$	227.8	$	143.3	$	142.0
Denominator:
Denominator for basic earnings per share -
Weighted average shares (in millions)		101.1		99.7		98.5
Effect of dilutive securities -
Dilutive securities		0.8		1.2		0.8
Denominator for diluted earnings per share -
Adjusted weighted average shares (in millions)		101.9		100.9		99.3
Basic net earnings per share	$	2.25	$	1.44	$	1.44
Diluted net earnings per share	$	2.24	$	1.42	$	1.43

Long Term Incentive Plan - The Company has a Long Term Incentive Plan (“LTIP”) under which the Company’s Compensation Committee may grant stock options, stock appreciation rights, restricted stock, restricted stock units or other forms of equity based or equity related awards.

During 2011, 2010 and 2009, the Company granted restricted stock and restricted stock units to certain members of the Company’s Board of Directors and management. Restricted stock and restricted stock unit grants vest over periods ranging from two to four years and are granted at the discretion of the Compensation Committee of the Board of Directors. Certain awards also vest upon attainment of performance goals. Compensation cost is recorded on a straight-line basis over the vesting term of the shares based on the grant date value using the closing trading price. Share based compensation of $25.1, $29.8 and $23.3 was recorded during 2011, 2010, and 2009 respectively. Unrecognized compensation cost related to these grants was $49.8, $50.9, and $54.1 at December 31, 2011, 2010, and 2009, respectively.

The following table summarizes shares of restricted stock that were granted, vested, forfeited and outstanding:

	December 31, 2011							December 31, 2010
						Weighted							Weighted
				Weighted		Average					Weighted		Average
				Average		Remaining					Average		Remaining
	Shares			Grant Date		Vesting Period		Shares			Grant Date		Vesting Period
	(in thousands)			Fair Value		(in years)		(in thousands)			Fair Value		(in years)
Outstanding, beginning of
period		2,196			23.74		2.53		2,767		$	18.96		2.45
Shares granted		682			37.84		--		788			34.84		--
Shares vested		(866	)		22.80		--		(1,253	)		22.63		--
Shares forfeited		(72	)		25.91		--		(106	)		19.69		--
Outstanding, end of period		1,940			29.08		2.44		2,196			23.74		2.53

During the years ended December 31, 2011, and 2010 the Company did not grant restricted stock units. During the year ended December 31, 2011, 15,670 shares of restricted stock were forfeited related to restricted stock units. As of December 31, 2011, the weighted average remaining vesting period for these units was 0.95 years.

No stock options were granted during the three years ended December 31, 2011 and no related stock compensation was recognized as all options were fully vested as of December 31, 2006. Outstanding stock options at December 31, 2011, 2010 and 2009 totaled approximately 101,000, 128,000, and 158,000, all of which were exercisable. During the years ended December 31, 2011, 2010 and 2009, 26,568, 28,319 and 19,472 stock options were exercised with an aggregate intrinsic value of $0.9, $0.6 and $0.2, respectively, determined as of the date of option exercise. The aggregate intrinsic value of outstanding options as of December 31, 2011 was $3.1.