Income per Share

9 Months Ended

Sep. 30, 2019

Following is a reconciliation of the basic and diluted income per share computations ($ in millions, except share and per share data):



	Quarter Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Numerator:
Net income from continuing operations attributable to MIC	$	15	$	2	$	85	$	69
Diluted net income from continuing operations attributable to MIC	$	15	$	2	$	85	$	69
Basic and diluted net income from discontinued operations attributable to MIC	$	46	$	20	$	57	$	68
Denominator:
Weighted average number of shares outstanding: basic	86,276,237		85,378,088		86,075,394		85,095,956
Dilutive effect of restricted stock unit grants⁽¹⁾	27,457		20,478		25,628		13,257
Weighted average number of shares outstanding: diluted	86,303,694		85,398,566		86,101,022		85,109,213

___________

(1) Dilutive effect of restricted stock unit grants includes grants to independent directors under the 2014 Independent Director Equity Plan and certain employees under the 2016 Omnibus Employee Incentive Plan.



	Quarter Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Income per share:
Basic income per share from continuing operations attributable to MIC	$	0.18	$	0.02	$	0.99	$	0.81
Basic income per share from discontinued operations attributable to MIC	0.53		0.23		0.67		0.80
Basic income per share attributable to MIC	$	0.71	$	0.25	$	1.66	$	1.61
Diluted income per share from continuing operations attributable to MIC	$	0.18	$	0.02	$	0.99	$	0.81
Diluted income per share from discontinued operations attributable to MIC	0.53		0.23		0.67		0.80
Diluted income per share attributable to MIC	$	0.71	$	0.25	$	1.66	$	1.61

The following represents the weighted average potential dilutive shares of common stock that were excluded from the diluted income per share calculation:



	Quarter Ended September 30,		Nine Months Ended September 30,
	2019	2018	2019	2018
2.875% Convertible Senior Notes due July 2019⁽¹⁾	722,345	4,381,499	1,766,498	4,363,806
2.00% Convertible Senior Notes due October 2023	3,634,173	3,634,173	3,634,173	3,631,068
Total	4,356,518	8,015,672	5,400,671	7,994,874

_______

(1) On July 15, 2019, the Company fully repaid the outstanding balance on the 2.875% Convertible Senior Notes July 2019 at

maturity using cash on hand. For the quarter and nine months ended September 30, 2019, the weighted average shares

reflect the “if-converted” impact to dilutive common stock through the maturity date of the Note.