Earnings Per Share

3 Months Ended

Mar. 31, 2020

Basic earnings per share is calculated by dividing net income attributable to controlling interests by the weighted-average number of shares of common stock outstanding. Diluted earnings per share is similar to basic earnings per share, but is adjusted for the effect of potentially issuable common stock, except when inclusion is antidilutive.

The calculation of basic and diluted earnings per share of common stock is as follows (dollars in millions, except per share data):



	Three Months Ended March 31,
	2020		2019
Numerator:
Net income attributable to controlling interests	$	32.6	$	52.7
Less: Total income available to participating unvested securities⁽¹⁾	—		(0.1		)
Total net income attributable to common stock	$	32.6	$	52.6
Denominator:
Weighted-average shares of common stock outstanding—basic	85,081,166		97,645,020
Potential shares of common stock:
Restricted stock units	17,893		199,563
Weighted-average shares of common stock outstanding—diluted	85,099,059		97,844,583
Earnings per share of common stock attributable to controlling interests:
Basic	$	0.38	$	0.54
Diluted	$	0.38	$	0.54


(1)	Income available to participating unvested securities includes dividends paid on unvested restricted shares and their proportionate share of undistributed earnings.

Employee options to purchase 9,330,000 shares were not included in the computation of diluted EPS for the three months ended March 31, 2020 because the assumed proceeds from exercising such options exceed the average price of the shares of common stock for the period and, therefore, the options are deemed antidilutive.