EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2019

EARNINGS PER SHARE

Schedule of computation of basic and diluted net income per share

	Years Ended December 31,
	2019		2018		2017
	(in millions, except per share amounts)
Basic income per share:
Numerator:
Income from continuing operations	$	572.6	$	945.5	$	769.2
Less: Dividends declared on preferred stock		2.8		—		—
Less: Allocation of undistributed earnings		6.8		—		—
Income from continuing operations - basic		563.0		945.5		769.2
(Loss) income from discontinued operations, net of tax		(294.6)		17.6		19.5
Net income - basic	$	268.4	$	963.1	$	788.7
Denominator:
Weighted average shares, basic		50.0		54.9		55.7
Basic income (loss) attributable to common stockholders per share:
Income from continuing operations	$	11.25	$	17.24	$	13.82
(Loss) income from discontinued operations	$	(5.89)	$	0.32	$	0.35
Net income per share	$	5.36	$	17.56	$	14.17
Diluted income per share (1):
Numerator:
Income from continuing operations	$	572.6	$	945.5	$	769.2
(Loss) income from discontinued operations, net of tax		(294.6)		17.6		19.5
Net income	$	278.0	$	963.1	$	788.7
Denominator:
Weighted average shares, basic		50.0		54.9		55.7
Weighted average effect of dilutive securities:
Shares from assumed conversion of preferred stock		0.8		—		—
Net effect of dilutive stock options and unvested restricted stock (2)		0.1		0.2		0.2
Denominator for diluted calculation		50.9		55.1		55.9
Diluted income (loss) attributable to common stockholders per share:
Income from continuing operations	$	11.24	$	17.17	$	13.75
(Loss) income from discontinued operations	$	(5.78)	$	0.32	$	0.35
Net income per share	$	5.46	$	17.49	$	14.10

(1) Computed using the if-converted method, as the result was more dilutive.

(2) For the years ended December 31, 2019, 2018 and 2017, a de minimis amount of restricted stock units was excluded from each calculation of weighted average dilutive common shares as the effect would have been anti-dilutive.