Earnings per Share and Shareholders' Equity Transactions

6 Months Ended

Jun. 30, 2011

Earnings per Share and Shareholders' Equity Transactions

Earnings per Share and Shareholders' Equity Transactions

12. 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:

	Quarter Ended June 30,				Six Months Ended June  30,
(In millions, except per share data)	2011		2010		2011		2010
Basic shares used in the calculation of earnings per share		45.4		44.9		45.4		46.2
Dilutive effect of securities:
Employee stock options		—		0.3		—		0.3
Non-vested stock grants		—		0.3		—		0.3
Diluted shares used in the calculation of earnings per share		45.4		45.5		45.4		46.8
Per share effect of dilutive securities on (loss) income from continuing operations	$	—	$	—	$	—	$	(0.01	)
Per share effect of dilutive securities on net (loss) income	$	—	$	—	$	—	$	(0.02	)

Diluted earnings per share for the quarter ended June 30, 2011 and 2010 excludes 1.9 million and 1.4 million, respectively, of common shares issuable under the Company's stock compensation plans, because their effect would be antidilutive. Diluted earnings per share for the six months ended June 30, 2011 and 2010 excludes 2.2 million and 1.6 million, respectively, of common shares issuable under the Company's stock compensation plans, because their effect would be antidilutive.

During the first six months of 2011, the Company paid two quarterly dividends of 27.5 cents ($0.275) per share each to its shareholders totaling $25.0 million.

Since October 2007 and through June 2011, the Company's Board of Directors has authorized aggregate repurchases of the Company's common stock of up to $500 million. As of June 30, 2011, the Company has $157 million available for repurchases under these repurchase authorizations. The Company may repurchase its common stock from time to time, in amounts and prices and at such times as deemed appropriate, subject to market conditions and other considerations. The Company's 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. On March 30, 2010, the Company entered into an accelerated share repurchase agreement for the immediate repurchase of 2.3 million shares of the Company's common stock at a cost of $105.0 million. During the first six months of 2011 the Company did not repurchase any additional shares of common stock.