Annual report pursuant to Section 13 and 15(d)

Earnings per Common Share

v3.3.1.900
Earnings per Common Share
 12 Months Ended
Dec. 31, 2015
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 during the period.  Diluted earnings per common share is calculated similarly, except that the calculation includes the dilutive effect of stock-settled SARs and stock options (collectively “options”), non-vested stock awards and performance awards.

Basic and diluted earnings per common share for the years ended December 31, 2015, 2014 and 2013 were calculated as follows:
(in millions, except per share data)
2015
 
2014
 
2013
Net earnings from continuing operations
$
227.4

 
$
194.9

 
$
756.8

Net earnings from discontinued operations, net of tax
14.0

 
50.8

 
12.4

Net earnings
$
241.4

 
$
245.7

 
$
769.2

 
 
 
 
 
 
Weighted average outstanding shares – basic
93.0

 
93.6

 
91.2

Dilutive effect of common stock equivalents
1.3

 
1.5

 
2.6

Weighted average outstanding shares – diluted
94.3

 
95.1

 
93.8

 
 
 
 
 
 
Basic earnings per common share:
 
 
 
 
 
Continuing operations
$
2.45

 
$
2.08

 
$
8.30

Discontinued operations
0.15

 
0.55

 
0.13

Net earnings
$
2.60

 
$
2.63

 
$
8.43

 
 
 
 
 
 
Diluted earnings per common share:
 
 
 
 
 
Continuing operations
$
2.41

 
$
2.05

 
$
8.07

Discontinued operations
0.15

 
0.53

 
0.13

Net earnings
$
2.56

 
$
2.58

 
$
8.20



As of December 31, 2015, the Company had 2.2 million options outstanding and exercisable. This compares with 2.7 million and 3.8 million options outstanding, of which 2.3 million and 2.6 million were exercisable, as of December 31, 2014 and December 31, 2013, respectively.  During the year ended December 31, 2015, there were no options outstanding for which the exercise price was greater than the average market price of the Company’s shares for the period then ended. Therefore, there were no non-dilutive options to exclude from the computation of diluted earnings per common share. This compares to 0.2 million and 0.9 million non-dilutive shares of options outstanding that were excluded from the corresponding periods ended December 31, 2014 and December 31, 2013, respectively. Changes in average outstanding basic shares from 2013 to 2015 reflect the impact of options exercised and the vesting of stock and performance awards since the beginning of 2013, net of the impact of common stock repurchases during the fourth quarter of 2014 and during the year ended December 31, 2015.