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Earnings per Common Share
 6 Months Ended
Jun. 30, 2020
Earnings Per Share [Abstract]  
Earnings per Common Share

Note 10 — 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 June 30,

 

 

Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net income (loss)

 

$

177.1

 

 

$

48.9

 

 

$

(1,643.2

)

 

$

24.2

 

Less: Net income attributable to noncontrolling interests

 

 

96.1

 

 

 

59.1

 

 

 

13.6

 

 

 

73.3

 

Less: Dividends on preferred stock

 

 

32.1

 

 

 

31.0

 

 

 

64.0

 

 

 

61.8

 

Net income (loss) attributable to common shareholders for basic earnings per share

 

$

48.9

 

 

$

(41.2

)

 

$

(1,720.8

)

 

$

(110.9

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding - basic

 

 

233.1

 

 

 

232.4

 

 

 

233.1

 

 

 

232.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) available per common share - basic

 

$

0.21

 

 

$

(0.18

)

 

$

(7.38

)

 

$

(0.48

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 

233.1

 

 

 

232.4

 

 

 

233.1

 

 

 

232.3

 

Diluted effect of unvested stock awards

 

 

0.7

 

 

 

—

 

 

 

—

 

 

 

—

 

Weighted average shares outstanding - diluted

 

 

233.8

 

 

 

232.4

 

 

 

233.1

 

 

 

232.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) available per common share - diluted

 

$

0.21

 

 

$

(0.18

)

 

$

(7.38

)

 

$

(0.48

)

 

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 June 30,

 

 

Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Unvested restricted stock awards

 

 

3.2

 

 

 

1.1

 

 

 

0.8

 

 

 

1.2

 

Series A Preferred Stock (1)

 

 

46.5

 

 

 

46.5

 

 

 

46.5

 

 

 

46.5

 

______________________________________________________________________________________________

(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 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.