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Earnings Per Share and Shareholders' Equity Transactions
 6 Months Ended
Jun. 30, 2014
Earnings Per Share and Shareholders’ Equity Transactions [Abstract]  
Earnings Per Share and Shareholders' Equity Transactions

10. Earnings Per Share and Shareholders’ Equity Transactions

The following table provides weighted average share information used in the calculation of the Company’s basic and diluted earnings per share:  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

June 30,

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions, except per share data)

 

 

2014

 

 

2013

 

 

2014

 

 

2013

Basic shares used in the calculation of earnings per share

 

 
44.1 

 

 
44.0 

 

 
44.0 

 

 
44.3 

Dilutive effect of securities:

 

 

 

 

 

 

 

 

 

 

 

 

Employee stock options

 

 
0.4 

 

 
0.4 

 

 
0.4 

 

 
0.3 

Non-vested stock grants

 

 
0.4 

 

 
0.4 

 

 
0.4 

 

 
0.4 

Diluted shares used in the calculation of earnings per share

 

 
44.9 

 

 
44.8 

 

 
44.8 

 

 
45.0 

Per share effect of dilutive securities on income from continuing operations

 

$
(0.03)

 

$
(0.02)

 

$
(0.06)

 

$
(0.05)

Per share effect of dilutive securities on income from net income

 

$
(0.04)

 

$
(0.02)

 

$
(0.06)

 

$
(0.04)

Diluted earnings per share for the three months ended June 30, 2014 excludes 0.7 million of common shares issuable under the Company’s stock compensation plans, because their effect would be antidilutive.  All of the common shares issuable under the Company’s stock compensation plan were included in the diluted earnings per share for the three months ended June 30, 2013. Diluted earnings per share for both the six months ended June 30, 2014 and 2013 excludes 0.7  million of common shares issuable under the Company’s stock compensation plans, because their effect would be antidilutive.

Since October 2007 and through June 2014, the Company’s Board of Directors has authorized aggregate repurchases of the Company’s common stock of up to $600 million. As of June 30, 2014, the Company has $130.3 million available for repurchases under these repurchase authorizations. Repurchases may be executed using open market purchases, privately negotiated transactions, accelerated repurchase programs or other transactions. The Company is not required to purchase any specific number of shares or to make purchases by any certain date under this program. During the first six months of 2014, the Company purchased 0.1 million shares of the Company’s common stock at a cost of $6.7 million.