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Earnings Per Common Share
9 Months Ended
Sep. 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 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 basic and diluted EPS:
 
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
(in millions, except per share amounts)
2011
 
2010
 
2011
 
2010
Numerator:
 
 
 
 
 
 
 
Net income
$
17.6

 
$
14.5

 
$
49.0

 
$
46.9

Preferred stock dividends
2.6

 
2.6

 
7.8

 
7.8

Income available to common shareholders - basic and diluted
$
15.0

 
$
11.9

 
$
41.2

 
$
39.1

Denominator:
 
 
 
 
 
 
 
Weighted average common shares outstanding - basic
196.5

 
201.2

 
197.4

 
201.0

Warrants
1.2

 
—

 
0.5

 
0.9

Stock-based compensation arrangements
2.9

 
3.0

 
2.5

 
3.0

Weighted average common shares outstanding - diluted
200.6

 
204.2

 
200.4

 
204.9

Basic earnings per common share
$
0.08

 
$
0.06

 
$
0.21

 
$
0.19

Diluted earnings per common share
$
0.07

 
$
0.06

 
$
0.21

 
$
0.19



For the three and nine month periods ended September 30, 2011, awards under the Company’s stock-based compensation plans for common shares of 11.2 million and 11.6 million, respectively, were excluded from the computation of diluted EPS as their inclusion would have been anti-dilutive. For the three and nine months ended September 30, 2010, awards for common shares of 14.9 million and 14.6 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.