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Earnings per Common Share (Tables)
 3 Months Ended
Mar. 31, 2020
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The following table presents a reconciliation of Net income (loss) and shares used in calculating basic and diluted net income (loss) per common share for the periods indicated:
 
 
Three Months Ended March 31,
(in millions, except for per share data)
 
2020
 
2019
Earnings
 
 
 
 
Net income (loss) available to common shareholders:
 
 
 
 
Income (loss) from continuing operations
 
$
50

 
$
93

Less: Preferred stock dividends
 
14

 
10

Less: Net income (loss) attributable to noncontrolling interest
 
6

 
(1
)
Income (loss) from continuing operations available to common shareholders
 
30

 
84

Income (loss) from discontinued operations, net of tax
 
(128
)
 
(20
)
Net income (loss) available to common shareholders
 
$
(98
)
 
$
64

 
 
 
 
 
Weighted average common shares outstanding
 
 
 
 
Basic
 
130.9

 
146.9

Dilutive Effects:
 
 
 
 
Warrants(1)
 
2.9

 
—

RSU awards
 
1.2

 
1.5

PSU awards
 
1.8

 
2.4

Stock Options
 
0.6

 
0.5

Diluted
 
137.4

 
151.3

 
 
 
 
 
Basic(2)
 
 
 
 
Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders
 
$
0.23

 
$
0.57

Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders
 
$
(0.98
)
 
$
(0.14
)
Income (loss) available to Voya Financial, Inc.'s common shareholders
 
$
(0.75
)
 
$
0.44

Diluted(2)
 
 
 
 
Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders
 
$
0.22

 
$
0.56

Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders
 
$
(0.93
)
 
$
(0.13
)
Income (loss) available to Voya Financial, Inc.'s common shareholders
 
$
(0.71
)
 
$
0.42


(1) For the three months ended March 31, 2019, weighted average shares used for calculating basic and diluted earnings per share excludes the dilutive impact of warrants as the inclusion of this equity instrument would be antidilutive to the earnings per share calculation due to "out of the moneyness" in the periods presented. For more information on warrants, see the Shareholders' Equity Note to these Condensed Consolidated Financial Statements.
(2) Basic and diluted earnings per share are calculated using unrounded, actual amounts. Therefore, the components of earnings per share may not sum to its corresponding total.