STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2014

Equity [Abstract]

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, 2014, 2013 and 2012, securities totaling approximately 0.1,  0.1, and 0.3 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, 2014, 2013 and 2012:

	Year Ended December 31,
	2014		2013		2012
Numerator: net earnings	$	104.3	$	365.6	$	233.7
Denominator:
Denominator for basic earnings per share - Weighted average shares (in millions)		104.0		103.2		102.2
Effect of dilutive securities - Dilutive securities (in millions)		0.5		0.7		0.7
Denominator for diluted earnings per share - Adjusted weighted average shares (in millions)		104.5		103.9		102.9
Basic net earnings per share:
Net earnings per share from continuing operations	$	0.55	$	1.89	$	0.78
Net earnings per share from discontinued operations	$	0.45	$	1.65	$	1.51
Basic net earnings per share	$	1.00	$	3.54	$	2.29
Diluted net earnings per share:
Net earnings per share from continuing operations	$	0.55	$	1.88	$	0.77
Net earnings per share from discontinued operations	$	0.45	$	1.64	$	1.50
Diluted net earnings per share	$	1.00	$	3.52	$	2.27

Long-Term Incentive Plan - The Company has a Long-Term Incentive Plan 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 2014, 2013 and 2012, the Company granted restricted stock to certain members of the Company’s Board of Directors and management. Restricted stock grants vest over 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 $28.1,  $23.0 and $23.4 was recorded during 2014, 2013, and 2012 respectively. Unrecognized compensation cost related to these grants was $59.9,  $53.6, and $50.4 at December 31, 2014, 2013, and 2012, respectively.

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

	December 31, 2014				December 31, 2013
				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	1,248	$	52.67	2.37	1,646	$	37.67	2.52
Shares granted	642		77.91	—	342		83.84	—
Shares vested	(538)		46.46	—	(645)		33.81	—
Shares forfeited	(96)		50.76	—	(95)		37.32	—
Spin-off Make-whole grants	444		—	—	—		—	—
Spin-off Cancellations	(155)		67.42	—	—		—	—
Outstanding, end of period	1,545		49.03	2.65	1,248		52.67	2.37

During the years ended December 31, 2014 and 2013, the Company granted 14,342 and 12,081 units of restricted stock. During the year ended December 31, 2012, the Company did not grant restricted stock units. During the year ended December 31, 2014, no restricted stock units were forfeited. As of December 31, 2014, the weighted average remaining vesting period for the 14,342 outstanding restricted stock units was 2.77 years.

No stock options were granted during the three years ended December 31, 2014 and no related stock compensation was recognized as all options were fully vested as of December 31, 2006. Outstanding stock options at December 31, 2014, 2013 and 2012 totaled approximately 0,  31,500 and 51,000, all of which were exercisable. During the years ended December 31, 2014, 2013 and 2012, 29,750,  19,525 and 45,040 stock options were exercised with an aggregate intrinsic value of $2.0,  $1.1 and $1.7, respectively, determined as of the date of option exercise. The aggregate intrinsic value of outstanding options as of December 31, 2014 was $0.