EARNINGS PER SHARE AND SHAREHOLDERS' EQUITY TRANSACTIONS

12 Months Ended

Dec. 31, 2012

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:

DECEMBER 31	2012			2011			2010
(in millions, except per share data)
Basic shares used in the calculation of earnings per share		44.7			45.2			45.6
Dilutive effect of securities:
Employee stock options		0.2			0.2			0.3
Non-vested stock grants		0.4			0.4			0.4
Diluted shares used in the calculation of earnings per share		45.3			45.8			46.3
Per share effect of dilutive securities on income from continuing operations	$	(0.01	)	$	(0.01	)	$	(0.05	)
Per share effect of dilutive securities on net income	$	(0.02	)	$	(0.01	)	$	(0.05	)

Diluted earnings per share during 2012, 2011 and 2010 excludes 1.8 million, 1.6 million and 1.4 million, respectively, of common shares issuable under the Company’s stock compensation plans, because their effect would be antidilutive.

Since October 2007 and through December 2012, the Company’s Board of Directors has authorized aggregate repurchases of the Company’s common stock of up to $500 million. As of December 31, 2012, the Company has $115.2 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 2012, the Company purchased 0.5 million shares of the Company’s common stock through open market purchases at a cost of $20.0 million. 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. Total repurchases under this program as of December 31, 2012 were 9.1 million shares at a cost of $384.8 million.