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Earnings Per Common Share
 3 Months Ended
Mar. 31, 2013
Earnings Per Share [Abstract]  
Earnings Per Share [Text Block]
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)
2013
 
2012
Numerator:
 
 
 
Net (loss) income
$
(36.7
)
 
$
12.6

Preferred stock dividends
2.6

 
2.6

(Loss) income available to common shareholders - basic and diluted
$
(39.3
)
 
$
10.0

Denominator:
 
 
 
Weighted average common shares outstanding - basic
202.8

 
195.3

Warrants
—

 
3.1

Stock-based compensation arrangements
—

 
3.2

Weighted average common shares outstanding - diluted
202.8

 
201.6

Basic and diluted (loss) earnings per common share
$
(0.19
)
 
$
0.05



For the three months ended March 31, 2013, the Company had a net loss so all common stock equivalents were excluded from the computation of diluted EPS as the result would have been anti-dilutive. For the three months ended March 31, 2012, awards under the Company’s stock-based compensation plans for common shares of 7.0 million and preferred stock convertible into 4.5 million common shares were excluded for the computation of diluted EPS as the result would have been anti-dilutive.