Earnings per share

6 Months Ended

Jun. 30, 2020

11. EARNINGS PER SHARE

For the three month periods ended June 30, 2020 and June 30, 2019, approximately 0.3 million and 0.1 million awards, respectively, were excluded from the computation of the diluted EPS, since the inclusion of these awards would be antidilutive. For the six month periods ended June 30, 2020 and June 30, 2019, approximately 0.3 million and 0.1 million awards, respectively, were excluded from the computation of the diluted EPS, since the inclusion of these awards would be antidilutive.

During the three month periods ended June 30, 2020 and June 30, 2019 approximately 16 thousand and 11 thousand shares of common stock from the treasury stock, respectively, were utilized by the Plan. During the six month periods ended June 30, 2020 and June 30, 2019 approximately 86 thousand and 88 thousand shares of common stock from the treasury stock were utilized by the Plan.

The computation of basic and diluted EPS under the two-class method were as follows:

	Three months ended June 30					Six months ended June 30
(In millions, except per share amounts)	2020			2019		2020			2019
Numerator:
Basic and diluted:
Net income attributable to controlling interest	$	(174.7	)	$	109.1	$	(99.9	)	$	220.5
Participating share awards with dividend equivalent rights	-			-		-			-
Net income applicable to common shareholders		(174.7	)		109.1		(99.9	)		220.5
Earnings allocated to participating share awards¹⁾		0.0			0.0		0.0			0.0
Net income attributable to common shareholders	$	(174.7	)	$	109.1	$	(99.9	)	$	220.5
Denominator: ¹⁾
Basic: Weighted average common stock		87.3			87.2		87.3			87.2
Add: Weighted average stock options/ share awards		0.0			0.1		0.0			0.2
Diluted: ²⁾		87.3			87.3		87.3			87.4

Net (loss) earnings per share - basic	$	(2.00	)	$	1.25	$	(1.14	)	$	2.53

Net (loss) earnings per share - diluted²⁾	$	(2.00	)	$	1.25	$	(1.14	)	$	2.52

The Company’s unvested RSUs and PSUs, of which some included the right to receive non-forfeitable dividend equivalents, are considered participating securities. Calculations of EPS under the two-class method exclude from the numerator any dividends paid or owed on participating securities and any undistributed earnings considered to be attributable to participating securities. The related participating securities are similarly excluded from the denominator.

2)	Shares in the diluted loss per share calculation for the three and six month periods ended June 30, 2020 represent basic shares due to the net loss.