(Loss) Earnings Per Share

9 Months Ended

Sep. 30, 2013

(Loss) Earnings Per Share

(Loss) Earnings Per Share

NOTE 11. (Loss) Earnings Per Share

Basic (loss) earnings per share (“EPS”) is computed by dividing net (loss) income available to common stockholders by the weighted average number of common shares outstanding for the period excluding issued, but unvested, restricted shares. Diluted EPS is computed by dividing net (loss) income available to common shareholders by the weighted average number of common shares outstanding and dilutive potential common shares for the period. The Company includes as potential common shares the weighted average dilutive effects of outstanding stock options and restricted shares using the treasury stock method. Securities that contain non-forfeitable rights to dividend equivalents (whether paid or unpaid) are participating securities and are required to be included in the computation of basic EPS and dilutive EPS pursuant to the two-class method. Net losses are not allocated to the Company’s participating securities. The Company’s Series A Convertible Preferred Stock are participating securities.

The following table sets forth the number of weighted average shares used to compute basic and diluted EPS:

	Three months ended September 30,					Nine months ended September 30,
(in millions, except per share data)	2013			2012		2013			2012
(Loss) earnings per share:
Net (loss) income	$	(1.8	)	$	8.5	$	(83.4	)	$	21.9
Preferred stock dividends	(1.0		)	—		(2.6		)	—
Net (loss) income less preferred stock dividends	(2.8		)	8.5		(86.0		)	21.9
Income allocated to participating securities	—			—		—			—
Net (loss) income available to common stockholders	$	(2.8	)	$	8.5	$	(86.0	)	$	21.9
Basic weighted average number of common shares outstanding	74.5			46.2		70.8			46.1
Assuming exercise of stock options and restricted shares	—			0.3		—			0.2
Diluted weighted average number of common shares outstanding	74.5			46.5		70.8			46.3
(Loss) earnings per share:
Basic	$	(0.04	)	$	0.18	$	(1.21	)	$	0.48
Diluted	$	(0.04	)	$	0.18	$	(1.21	)	$	0.47

The number of options, non-vested restricted stock awards and potential common shares from the conversion of Series A Convertible Preferred Stock that were excluded from the computation of diluted EPS, because the effects thereof were anti-dilutive, were 7.2 million and 4.4 million for the three months ended September 30, 2013 and 2012, respectively, and 7.7 million and 4.7 million for the nine months ended September 30, 2013 and 2012, respectively.