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Earnings (Loss) Per Share
 9 Months Ended
Sep. 30, 2015
Earnings Per Share [Abstract]  
Earnings (Loss) Per Share
Earnings (Loss) Per Share

We calculate basic earnings (loss) per share by dividing our net earnings (loss) by our weighted-average shares outstanding at the end of the period. The calculation for diluted earnings per share adjusts the weighted average shares outstanding for our dilutive unvested shares and stock units using the treasury stock method and for our convertible notes using the if-converted method. Our calculations for basic and dilutive earnings (loss) per share for the three and nine months ended September 30, 2015 and 2014 are as follows:

 
Three Months
 
Nine Months
(dollars in millions, except per share data, shares and stock units in thousands)
2015
 
2014
 
2015
 
2014
Basic net income (loss) available to common shareholders
$
19.8

 
$
1.2

 
$
24.2

 
$
(92.0
)
Effect of dilutive securities:
 
 
 
 
 
 
 
Series B Notes(a)
—

 
(2.0
)
 
—

 
—

Dilutive net income (loss) available to common shareholders
$
19.8

 
$
(0.8
)
 
$
24.2

 
$
(92.0
)
 
 
 
 
 
 
 
 
Basic weighted average shares outstanding
32,065

 
30,639

 
31,602

 
27,896

Effect of dilutive securities:
 
 
 
 
 
 
 
Unvested shares and stock units
556

 
282

 
646

 
—

Series B Notes
—

 
982

 
321

 
—

Dilutive weighted average shares outstanding
32,621

 
31,903

 
32,569

 
27,896

 
 
 
 
 
 
 
 
Basic earnings (loss) per share(b)
$
0.62

 
$
0.04

 
$
0.76

 
$
(3.30
)
Diluted earnings (loss) per share(b)
$
0.61

 
$
(0.03
)
 
$
0.74

 
$
(3.30
)
(a) The Series B Notes were recorded at a discount that accelerated upon conversion and contained a make-whole interest premium that would have required us to pay interest as if the security were held to maturity upon conversion and, as such, would have resulted in incremental expense under the if-converted method.
(b) Earnings (loss) per share is based on unrounded figures and not the rounded figures presented.


Given our net loss position for the nine months ended September 30, 2014, there were no dilutive securities for this period.

Our anti-dilutive securities at September 30, 2015 and 2014 are as follows:
(shares, options and stock units in thousands)
2015
2014
Anti-dilutive unvested shares, options, and stock units
264

358

Anti-dilutive Series B Notes
—

981