STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2016

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 unvested restricted stock using the treasury stock method. When the effect of the outstanding unvested restricted stock is anti-dilutive, it is not included in the calculation of diluted earnings per common share. For the years ended December 31, 2016, 2015 and 2014, restricted stock of approximately 0.2,  0.6, and 0.1 million shares, respectively, was 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, 2016, 2015 and 2014:

	Year Ended December 31,
	2016		2015		2014
Numerator: Net earnings	$	311.1	$	285.7	$	104.3
Denominator:
Denominator for basic earnings per share - Weighted average shares (in millions)		100.4		104.0		104.0
Effect of dilutive securities (in millions)		0.5		0.5		0.5
Denominator for diluted earnings per share - Adjusted weighted average shares (in millions)		100.9		104.5		104.5
Basic net earnings per share:
Net earnings per share from continuing operations	$	3.10	$	2.75	$	0.55
Net earnings per share from discontinued operations		—		—		0.45
Basic net earnings per share	$	3.10	$	2.75	$	1.00
Diluted net earnings per share:
Net earnings per share from continuing operations	$	3.08	$	2.73	$	0.55
Net earnings per share from discontinued operations		—		—		0.45
Diluted net earnings per share	$	3.08	$	2.73	$	1.00

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 2016, 2015 and 2014, 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 $35.2,  $28.7 and $28.1 was recorded during 2016, 2015, and 2014, respectively. Unrecognized compensation cost related to these grants was $75.5, $71.1, and $59.9 at December 31, 2016, 2015, and 2014, respectively.

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

	December 31, 2016				December 31, 2015
				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	1,522	$	51.97	2.74	1,545	$	49.03	2.65
Shares granted	176		41.77	—	727		51.45	—
Shares vested	(564)		49.82	—	(587)		44.07	—
Shares forfeited	(108)		49.05	—	(163)		51.14	—
Outstanding, end of period	1,026		51.84	2.26	1,522		51.97	2.74

During the years ended December 31, 2016, 2015 and 2014, the Company granted 6,242, 7,146 and 16,148 units of deferred restricted stock pursuant to the Deferred Compensation Plan. During the year ended December 31, 2016, no deferred restricted stock units were forfeited. As of December 31, 2016, the weighted average remaining vesting period for the 16,165 outstanding deferred restricted stock units was 2.26 years.

During the years ended December 31, 2016 and 2015, the Company granted 486,746 and 243,840 units of time and performance based restricted stock. During the year ended December 31, 2016, 1,889 restricted stock units were forfeited. As of December 31, 2016, the weighted average remaining vesting period for the 688,973 outstanding restricted stock units was 3.07 years.

No stock options were outstanding during the three years ended December 31, 2016. During the year ended December 31, 2014, 29,750 stock options were exercised with an aggregate intrinsic value of $2.0 determined as of the date of option exercise.