Earnings Per Share and Shareholders' Equity Transactions

6 Months Ended

Jun. 30, 2021

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)	2021			2020			2021			2020
Basic shares used in the calculation of earnings per share		35.9			38.0			36.2			38.2
Dilutive effect of securities:
Employee stock options		0.4			0.1			0.3			0.2
Non-vested stock grants		0.2			0.2			0.2			0.2
Diluted shares used in the calculation of earnings per share		36.5			38.3			36.7			38.6
Per share effect of dilutive securities on income from continuing operations	$	(0.05	)	$	(0.02	)	$	(0.09	)	$	(0.03	)
Per share effect of dilutive securities on net income	$	(0.06	)	$	(0.02	)	$	(0.09	)	$	(0.02	)

Diluted earnings per share for the three and six months ended June 30, 2020 excludes 0.9 million and 0.6 million shares, respectively, issuable under the Company’s stock compensation plans because their effect would be antidilutive.

The Board of Directors has authorized a stock repurchase program which provides for aggregate repurchases of the Company’s common stock of up to $1.3 billion, including a $400 million increase to the program on May 11, 2021. Under this program the Company had approximately $405 million available at June 30, 2021. Under the repurchase authorization, the Company may repurchase, from time to time, common stock 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. On October 29, 2020, pursuant to the terms of an accelerated share repurchase agreement (the “October 2020 ASR”) the Company paid $100.0 million and received an initial delivery of approximately 0.8 million shares of its common stock, which was approximately 80% of the total number of shares expected to be repurchased under the October 2020 ASR. On January 29, 2021, the Company received approximately 45,000 shares of its common stock shares as final settlement of shares repurchased under the October 2020 ASR.