Earnings Per Common Share

9 Months Ended

Sep. 30, 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				Nine Months Ended
	September 30,				September 30,
(in millions, except per share amounts)	2012		2011		2012		2011
Numerator:
Net income	$	3.9	$	17.6	$	21.0	$	49.0
Preferred stock dividends	2.6		2.6		7.8		7.8
Income available to common shareholders - basic and diluted	$	1.3	$	15.0	$	13.2	$	41.2
Denominator:
Weighted average common shares outstanding - basic	196.4		196.5		195.8		197.4
Warrants	5.6		1.2		3.9		0.5
Stock-based compensation arrangements	3.6		2.9		3.3		2.5
Weighted average common shares outstanding - diluted	205.6		200.6		203.0		200.4
Basic earnings per common share	$	0.01	$	0.08	$	0.07	$	0.21
Diluted earnings per common share	$	0.01	$	0.07	$	0.07	$	0.21

For the three and nine months ended September 30, 2012, awards under the Company’s stock-based compensation plans for common shares of 4.4 million and 6.2 million, respectively, were excluded from the computation of diluted EPS as the inclusion would have been anti-dilutive. For the three and nine months ended September 30, 2011, awards for common shares of 11.2 million and 11.6 million, respectively, were excluded from the computation of diluted EPS as the inclusion would have been anti-dilutive. For all periods, preferred stock convertible into 4.5 million common shares was excluded as the inclusion would have been anti-dilutive.