Earnings Per Share

12 Months Ended

Dec. 31, 2013

Earnings Per Share

14. Earnings Per Share

A computation of the weighted average shares outstanding for 2013, 2012 and 2011 is as follows:

(in millions)	2013		2012		2011
Weighted average shares outstanding:
Basic		113.7		117.4		132.1
Dilutive share-based awards		1.0		0.8		0.8
Convertible debt		0.4		—		—
Diluted		115.1		118.2		132.9

Because it is the Company’s intention to redeem the principal amount of the Senior Subordinated Convertible Notes in cash, the treasury stock method is used for determining potential dilution in the diluted earnings per share computation. At December 31, 2013, the 2019 Convertible Notes have been excluded from the computation of diluted earnings per share as the effect would be antidilutive as the conversion price of the Convertible Notes exceeded the average market price of the Company’s common stock for the three months ended December 31, 2013. Stock options and warrants to purchase approximately 3.6 million shares of the Company’s common stock at December 31, 2011 had exercise prices that exceeded the average market price of the Company’s common stock for the three months ended December 31, 2011. As such, these share-based awards did not affect the computation of diluted earnings per share. As of December 31, 2013, there were 1.8 million restricted share awards with performance-based vesting targets that were not met and as such, have been excluded from the computation of diluted earnings per share.