Earnings per Common Share

9 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

Earnings per Common Share

(13) EARNINGS PER COMMON SHARE

Basic earnings per common share excludes the dilutive impact of potentially dilutive securities and is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per common share includes the effect of potential dilution from the exercise of outstanding stock options. Potentially dilutive securities have been excluded in the weighted average number of common shares used for the calculation of earnings per share in periods of net loss because the effect of such securities would be anti-dilutive. A reconciliation of the Company’s basic and diluted earnings per common share was as follows (in millions, except earnings per share):

	Successor
	Three Months Ended September 30,					Nine Months Ended September 30,
	2014			2013		2014		2013
Net income (loss) attributable to controlling interests	$	(19.9	)	$	5.0	$	29.6	$	(175.6	)
Pre-Acquisition net income (loss) attributable to controlling interests		—			—		—		(3.9	)
Net income (loss) attributable to common shareholders(1)		(19.9	)		5.0		29.6		(171.7	)
Basic weighted average shares outstanding(1)		229.5			228.1		229.2		228.1
Diluted weighted average shares outstanding(1)		229.5			228.1		229.3		228.1
Earnings per Common Share:
Basic net income (loss) per share	$	(0.09	)	$	0.02	$	0.13	$	(0.75	)
Diluted net income (loss) per share	$	(0.09	)	$	0.02	$	0.13	$	(0.75	)

⁽¹⁾  As of February 1, 2013, the date of the Acquisition, the Company received the initial Equity Contribution of $1,350.0 million. Accordingly, the net income (loss) to common shareholders and the weighted average shares outstanding calculation is based on the period from February 1, 2013 to September 30, 2013.

The number of anti-dilutive shares that have been excluded in the computation of diluted earnings per share for the Successor three and nine months ended September 30, 2014 were 17.2 million and 13.4 million, respectively. The number of anti-dilutive shares that have been excluded in the computation of diluted earnings per share for the Successor three and nine months ended September 30, 2013 were 15.7 million and 15.7 million, respectively.

Basic and diluted weighted average shares outstanding have been adjusted to reflect the Company’s 100,000 for 1 stock split which occurred in July 2013 and the Company’s 1.69 for 1 stock split which occurred in October 2014.