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Earnings Per Share and Shareholders' Equity Transactions
 9 Months Ended
Sep. 30, 2016
Earnings Per Share and Shareholders’ Equity Transactions [Abstract]  
Earnings Per Share and Shareholders' Equity Transactions

11. 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

 

Nine Months Ended



 

September 30,

 

September 30,



 

 

 

 

 

 

 

 

 

 

 

 

(in millions, except per share data)

 

 

2016

 

 

2015

 

 

2016

 

 

2015

Basic shares used in the calculation of earnings per share

 

 

 42.7 

 

 

 44.0 

 

 

 42.8 

 

 

 44.1 

Dilutive effect of securities:

 

 

 

 

 

 

 

 

 

 

 

 

Employee stock options

 

 

 0.2 

 

 

 0.5 

 

 

 0.3 

 

 

 0.5 

Non-vested stock grants

 

 

 0.1 

 

 

 0.4 

 

 

 0.2 

 

 

 0.4 

Diluted shares used in the calculation of earnings per share

 

 

 43.0 

 

 

 44.9 

 

 

 43.3 

 

 

 45.0 

Per share effect of dilutive securities on income from continuing operations

 

$

 (0.01)

 

$

 (0.03)

 

$

 (0.04)

 

$

 (0.11)

Per share effect of dilutive securities on net income

 

$

 (0.01)

 

$

 (0.04)

 

$

 (0.05)

 

$

 (0.11)

Diluted earnings per share for the three months ended September 30, 2016 exclude 0.6 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 plans were included in the diluted earnings per share for the three months ended September 30, 2015. Diluted earnings per share for the nine months ended September 30, 2016 and 2015 exclude 0.5 million and 0.6 million, respectively, of common shares issuable under the Company’s stock compensation plans because their effect would be antidilutive.

The Company’s Board of Directors has authorized aggregate repurchases of the Company’s common stock of up to $900 million. Under the repurchase authorizations, the Company may repurchase, from time to time, common shares in amounts, at prices and at such times as the Company deems appropriate, subject to market conditions and other considerations. 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 nine months of 2016, the Company purchased 1.3 million shares of the Company’s common stock at a cost of $105.2 million.