Earnings Per Common Share

3 Months Ended

Mar. 31, 2012

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
	March 31,
(in millions, except per share amounts)	2012		2011
Numerator:
Net income	$	12.6	$	17.9
Preferred stock dividends	2.6		2.6
Income available to common shareholders - basic and diluted	$	10.0	$	15.3
Denominator:
Weighted average common shares outstanding - basic	195.3		197.8
Warrants	3.1		—
Stock-based compensation arrangements	3.2		2.0
Weighted average common shares outstanding - diluted	201.6		199.8
Basic and diluted earnings per common share	$	0.05	$	0.08

For the three month period ended March 31, 2012 and 2011, awards under the Company’s stock-based compensation plans for common shares of 7.0 million and 12.6 million, respectively, were excluded from the computation of diluted EPS as the inclusion would have been anti-dilutive. For both periods, preferred stock convertible into 4.5 million common shares were excluded as the inclusion would have been anti-dilutive.