Income per Share (Tables)

12 Months Ended

Dec. 31, 2019

Reconciliation of Earnings Income (Loss) per Share

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



	Year Ended December 31,
	2019		2018		2017
Numerator:
Net income from continuing operations attributable to MIC	$	101	$	68	$	434
Interest expense attributable to 2.875% Convertible Senior Notes due July 2019, net of taxes	—		—		8
Interest expense attributable to 2.00% Convertible Senior Notes due October 2023, net of taxes	—		—		8
Diluted net income from continuing operations attributable to MIC	$	101	$	68	$	450
Basic and diluted net income from discontinued operations attributable to MIC	$	55	$	69	$	17
Denominator:
Weighted average number of shares outstanding: basic	86,178,212		85,233,989		83,204,404
Dilutive effect of restricted stock unit grants⁽¹⁾	26,089		15,876		9,495
Dilutive effect of 2.875% Convertible Senior Notes due July 2019	—		—		4,252,609
Dilutive effect of 2.00% Convertible Senior Notes due October 2023	—		—		3,606,854
Weighted average number of shares outstanding: diluted	86,204,301		85,249,865		91,073,362

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



	Year Ended December 31,
	2019		2018		2017
Income per share:
Basic income per share from continuing operations attributable to MIC	$	1.17	$	0.80	$	5.22
Basic income per share from discontinued operations attributable to MIC	0.65		0.80		0.20
Basic income per share attributable to MIC	$	1.82	$	1.60	$	5.42
Diluted income per share from continuing operations attributable to MIC	$	1.17	$	0.80	$	4.94
Diluted income per share from discontinued operations attributable to MIC	0.65		0.80		0.19
Diluted income per share attributable to MIC	$	1.82	$	1.60	$	5.13

Schedule of Antidilutive Securities

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



	Year Ended December 31,
	2019	2018	2017
2.875% Convertible Senior Notes due July 2019⁽¹⁾	1,321,243	4,368,725	—
2.00% Convertible Senior Notes due October 2023	3,634,173	3,631,850	—
Total	4,955,416	8,000,575	—

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(1) On July 15, 2019, the Company fully repaid the outstanding balance on the 2.875% Convertible Senior Notes due July 2019 at maturity using cash on hand. In 2019, the weighted average shares reflect the “if-converted” impact to dilutive common stock through the maturity date of the Note.