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Net Income Per Common Share
 9 Months Ended
Sep. 30, 2017
Earnings Per Share [Abstract]  
NET INCOME PER COMMON SHARE
NET INCOME PER COMMON SHARE

Basic and diluted earnings per share are calculated using the treasury stock method.
(Thousands of dollars except per share data)
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2017
 
2016
 
2017
 
2016
Basic
 
 
 
 
 
 
 
Average common shares outstanding
92,988,118

 
91,992,854

 
92,793,275

 
91,752,482

Net income
 
 
 
 
 
 
 
Continuing operations
$
316,606

 
$
386,733

 
$
916,409

 
$
929,673

Discontinued operations (2)
—

 
—

 
(41,540
)
 
—

Net income
$
316,606

 
$
386,733

 
$
874,869

 
$
929,673

Basic net income per common share
 
 
 
 
 
 
 
Continuing operations
$
3.40

 
$
4.20

 
$
9.88

 
$
10.13

Discontinued operations (2)
—

 
—

 
(0.45
)
 
—

Net income per common share
$
3.40

 
$
4.20

 
$
9.43

 
$
10.13

 
 
 
 
 
 
 
 
Diluted
 
 
 
 
 
 
 
Average common shares outstanding
92,988,118

 
91,992,854

 
92,793,275

 
91,752,482

Stock options and other contingently issuable shares (1)
2,106,912

 
2,218,617

 
1,942,845

 
2,109,359

Non-vested restricted stock grants
112,854

 
560,336

 
81,549

 
559,349

Average common shares outstanding assuming dilution
95,207,884

 
94,771,807

 
94,817,669

 
94,421,190

Net income
 
 
 
 
 
 
 
Continuing operations
$
316,606

 
$
386,733

 
$
916,409

 
$
929,673

Discontinued operations (2)
—

 
—

 
(41,540
)
 
—

Net income
$
316,606

 
$
386,733

 
$
874,869

 
$
929,673

Diluted net income per common share
 
 
 
 
 
 
 
Continuing operations
$
3.33

 
$
4.08

 
$
9.67

 
$
9.85

Discontinued operations (2)
—

 
—

 
(0.44
)
 
—

Net income per common share
$
3.33

 
$
4.08

 
$
9.23

 
$
9.85

 
(1) 
Stock options and other contingently issuable shares excludes 26,859 shares due to their anti-dilutive effect for the three and nine months ended September 30, 2017. Stock options and other contingently issuable shares excludes 32,633 and 63,310 shares due to their anti-dilutive effect for the three and nine months ended September 30, 2016, respectively.
(2) 
Relates to the divestiture of Valspar's North American industrial wood coatings business. See Note 3.