Earnings per Common Share

3 Months Ended

Mar. 31, 2019

Note 15 — Earnings per Common Share

The following table sets forth a reconciliation of net income and weighted average shares outstanding (in millions) used in computing basic and diluted net income per common share:

	Three Months Ended March 31,
	2019			2018
Net income (loss)	$	(24.7	)	$	38.9
Less: Net income attributable to noncontrolling interests		14.2			16.0
Less: Dividends on preferred stock		30.8			29.9
Net income attributable to common shareholders for basic earnings per share	$	(69.7	)	$	(7.0	)

Weighted average shares outstanding - basic		232.2			218.7

Net income available per common share - basic	$	(0.30	)	$	(0.03	)

Weighted average shares outstanding		232.2			218.7
Weighted average shares outstanding - diluted		232.2			218.7

Net income available per common share - diluted	$	(0.30	)	$	(0.03	)

The following potential common stock equivalents are excluded from the determination of diluted earnings per share because the inclusion of such shares would have been anti-dilutive (in millions on a weighted-average basis):

	Three Months Ended March 31,
	2019		2018
Unvested restricted stock awards		1.3		1.6
Series A Preferred Stock (1)		46.5		46.5

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(1)

The Series A Preferred has no mandatory redemption date, but is redeemable at our election in year six for a 10% premium to the liquidation preference and for a 5% premium to the liquidation preference in year seven and thereafter. If the Series A Preferred is not redeemed by the end of year twelve, the investors have the right to convert the Series A Preferred into TRC common stock. See Note 12 – Preferred Stock.