Earnings Per Common Share

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

Earnings Per Common 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:

	Year Ended December 31,
(in millions, except per share amounts)	2014		2013			2012
Numerator:
Net income (loss)	$	75.6	$	(54.7	)	$	11.2
Preferred stock dividends	10.4		10.4			10.4
Net income (loss) applicable to common shareowners - basic and diluted	$	65.2	$	(65.1	)	$	0.8
Denominator:
Weighted-average common shares outstanding - basic	208.5		205.9			197.0
Warrants	—		—			4.5
Stock-based compensation arrangements	1.1		—			3.2
Weighted-average common shares outstanding - diluted	209.6		205.9			204.7
Basic and diluted earnings (loss) per common share	$	0.31	$	(0.32	)	$	0.00

For the year ended December 31, 2014, awards under the Company’s stock-based compensation plans for common shares of 3.6 million were excluded from the computation of diluted EPS as their inclusion would have been anti-dilutive. For the year ended December 31, 2013, the Company had a net loss available to common shareholders and, as a result, all common stock equivalents were excluded from the computation of diluted EPS as their inclusion would have been anti-dilutive. For the year ended December 31, 2012, awards under our stock-based compensation plans for common shares of 5.3 million were excluded from the computation of diluted EPS as their inclusion would have been anti-dilutive. For all periods presented, preferred stock convertible into 4.5 million common shares was excluded as it was anti-dilutive.