Income per Share (Tables)

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Reconciliation of Earnings (Loss) per Share

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

	Quarter Ended March 31,
	2020		2019
Numerator:
Net income from continuing operations attributable to MIC	$	11	$	64
Interest expense attributable to 2.875% Convertible Senior Notes due July 2019, net of taxes	—		2
Interest expense attributable to 2.00% Convertible Senior Notes due October 2023, net of taxes	—		3
Diluted net income from continuing operations attributable to MIC	$	11	$	69
Basic and diluted net income from discontinued operations attributable to MIC	$	—	$	6
Denominator:
Weighted average number of shares outstanding: basic	86,686,972		85,872,132
Dilutive effect of restricted stock unit grants(1)	31,095		23,646
Dilutive effect of 2.875% Convertible Senior Notes due July 2019(2)	—		4,383,316
Dilutive effect of 2.00% Convertible Senior Notes due October 2023	—		3,634,173
Weighted average number of shares outstanding: diluted	86,718,067		93,913,267

___________

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

(2) 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.

	Quarter Ended March 31,
	2020		2019
Income per share:
Basic income per share from continuing operations attributable to MIC	$	0.13	$	0.75
Basic income per share from discontinued operations attributable to MIC	—		0.07
Basic income per share attributable to MIC	$	0.13	$	0.82
Diluted income per share from continuing operations attributable to MIC	$	0.13	$	0.73
Diluted income per share from discontinued operations attributable to MIC	—		0.06
Diluted income per share attributable to MIC	$	0.13	$	0.79

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:

	Quarter Ended March 31,
	2020	2019
2.00% Convertible Senior Notes due October 2023	3,634,173	—