Annual report pursuant to Section 13 and 15(d)

Earnings per Common Share

v3.6.0.2
Earnings per Common Share
 12 Months Ended
Dec. 31, 2016
Earnings Per Share [Abstract]  
Earnings per Common Share
Earnings per Common Share

Basic earnings per common share is calculated by dividing Net earnings by the weighted average number of common shares outstanding as well as certain vested, unissued equity awards during the period. Diluted earnings per common share is calculated similarly, except that the calculation includes the dilutive effect of stock-settled SARs, non-vested stock awards and performance awards.

Basic and diluted earnings per common share for the years ended December 31, 2016, 2015 and 2014 were calculated as follows:
(in millions, except per share data)
2016
 
2015
 
2014
Net earnings from continuing operations
$
274.4

 
$
227.4

 
$
194.9

Net earnings from discontinued operations, net of tax
1.6

 
14.0

 
50.8

Net earnings
$
276.0

 
$
241.4

 
$
245.7

 
 
 
 
 

Weighted average outstanding shares-basic
91.2

 
93.0

 
93.6

Dilutive effect of common stock equivalents
0.8

 
1.3

 
1.5

Weighted average outstanding shares-diluted
92.0

 
94.3

 
95.1

 
 
 
 
 

Basic earnings per common share:
 
 
 
 


Continuing operations
$
3.01

 
$
2.45

 
$
2.08

Discontinued operations
0.02

 
0.15

 
0.55

Net earnings
$
3.03

 
$
2.60

 
$
2.63

 
 
 
 
 

Diluted earnings per common share:
 
 
 
 

Continuing operations
$
2.98

 
$
2.41

 
$
2.05

Discontinued operations
0.02

 
0.15

 
0.53

Net earnings
$
3.00

 
$
2.56

 
$
2.58



Shares of SARs that were not included in the computation of diluted earnings per share for the periods ended December 31, 2016, 2015 and 2014 because their inclusion was anti-dilutive were 0.0 million, 0.0 million and 0.2 million, respectively.