STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2015

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 and unvested restricted stock are anti-dilutive, they are not included in the calculation of diluted earnings per common share. For the years ended December 31, 2015, 2014 and 2013, securities totaling approximately 0.6,  0.1, and 0.1 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, 2015, 2014 and 2013:

	Year Ended December 31,
	2015		2014		2013
Numerator: Net earnings	$	285.7	$	104.3	$	365.6
Denominator:
Denominator for basic earnings per share - Weighted average     shares (in millions)		104.0		104.0		103.2
Effect of dilutive securities (in millions)		0.5		0.5		0.7
Denominator for diluted earnings per share - Adjusted weighted    average shares (in millions)		104.5		104.5		103.9
Basic net earnings per share:
Net earnings per share from continuing operations	$	2.75	$	0.55	$	1.89
Net earnings per share from discontinued operations		—		0.45		1.65
Basic net earnings per share	$	2.75	$	1.00	$	3.54
Diluted net earnings per share:
Net earnings per share from continuing operations	$	2.73	$	0.55	$	1.88
Net earnings per share from discontinued operations		—		0.45		1.64
Diluted net earnings per share	$	2.73	$	1.00	$	3.52

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 2015, 2014 and 2013, the Company granted restricted stock to certain members of the Company’s Board of Directors and management. Restricted stock grants vest over periods ranging from three 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 $28.7,  $28.1 and $23.0 was recorded during 2015, 2014, and 2013, respectively. Unrecognized compensation cost related to these grants was $71.1,  $59.9, and $53.6 at December 31, 2015, 2014, and 2013, respectively.

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

	December 31, 2015				December 31, 2014
				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	1,545	$	49.03	2.65	1,248	$	52.67	2.37
Shares granted	727		51.45	—	642		77.91	—
Shares vested	(587)		44.07	—	(538)		46.46	—
Shares forfeited	(163)		51.14	—	(96)		50.76	—
Spin-Off make-whole grants	—		—	—	444		—	—
Spin-Off cancellations	—		—	—	(155)		67.42	—
Outstanding, end of period	1,522		51.97	2.74	1,545		49.03	2.65

During the years ended December 31, 2015, 2014 and 2013, the Company granted 7,146,16,148 and 12,081 units of deferred restricted stock pursuant to the Deferred Compensation Plan. During the year ended December 31, 2015, 2,444 deferred restricted stock units were forfeited. As of December 31, 2015, the weighted average remaining vesting period for the 14,544 outstanding deferred restricted stock units was 2.51 years.

During the year ended December 31, 2015, the Company granted 243,840 units of time and performance based restricted stock. During the year ended December 31, 2015, no restricted stock units were forfeited. As of December 31, 2015, the weighted average remaining vesting period for the 245,440 outstanding restricted stock units was 3.10 years.

No stock options were granted during the three years ended December 31, 2015 and no related stock compensation was recognized as all options were fully vested as of December 31, 2006. Outstanding stock options at December 31, 2015, 2014 and 2013 totaled approximately 0,  0 and 31,500, all of which were exercisable. During the years ended December 31, 2015, 2014 and 2013, 0,  29,750 and 19,525 stock options were exercised with an aggregate intrinsic value of $0,  $2.0 and $1.1, respectively, determined as of the date of option exercise.