Earnings Per Common Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share [Abstract]

Earnings Per Common Share

Earnings Per Common Share

Basic earnings per common share (“EPS”) is based upon the weighted average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that would occur upon issuance of common shares for awards under our stock-based compensation plans, exercise of warrants or conversion of preferred stock, but only to the extent that they are considered dilutive.

The following table shows the computation of the basic and diluted EPS:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions, except per share amounts)	2011		2010		2011		2010
Numerator:
Net income	$	13.5	$	9.6	$	31.4	$	32.4
Preferred stock dividends	2.6		2.6		5.2		5.2
Income available to common shareholders - basic and diluted	$	10.9	$	7.0	$	26.2	$	27.2
Denominator:
Weighted average common shares outstanding - basic	198.0		201.0		197.9		200.9
Warrants	0.2		1.6		0.1		1.3
Stock-based compensation arrangements	2.8		3.1		2.7		3.0
Weighted average common shares outstanding - diluted	201.0		205.7		200.7		205.2
Basic earnings per common share	$	0.06	$	0.03	$	0.13	$	0.14
Diluted earnings per common share	$	0.05	$	0.03	$	0.13	$	0.13

For the three and six month periods ended June 30, 2011, awards under the Company’s stock-based compensation plans for common shares of 11.7 million and 11.8 million, respectively, were excluded from the computation of diluted EPS as their inclusion would have been anti-dilutive. For the three and six months ended June 30, 2010, awards for common shares of 14.1 million and 14.5 million, respectively, were excluded as their inclusion would have been anti-dilutive. For all periods, preferred stock convertible into 4.5 million common shares was excluded as it was anti-dilutive.