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Earnings Per Common Share
 6 Months Ended
Jun. 30, 2015
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
 
Three Months Ended
 
June 30, 2015
 
June 30, 2014
(in millions, except per share amounts)
Continuing Operations
 
Discontinued Operations
 
Total
 
Continuing Operations
 
Discontinued Operations
 
Total
Numerator:
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
$
180.7

 
$
10.9

 
$
191.6

 
$
123.7

 
$
(9.5
)
 
$
114.2

Preferred stock dividends (1)
2.6

 
—

 
2.6

 
2.6

 
—

 
2.6

Net income (loss) applicable to common shareowners - basic and diluted
$
178.1

 
$
10.9

 
$
189.0

 
$
121.1

 
$
(9.5
)
 
$
111.6

Denominator:
 
 
 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding - basic
209.7

 
209.7

 
209.7

 
208.5

 
208.5

 
208.5

Stock-based compensation arrangements
0.4

 
0.4

 
0.4

 
0.9

 
0.9

 
0.9

Conversion of preferred shares
4.5

 
4.5

 
4.5

 
—

 
—

 
—

Weighted average common shares outstanding - diluted
214.6

 
214.6

 
214.6

 
209.4

 
209.4

 
209.4

Basic earnings (loss) per common share
$
0.85

 
$
0.05

 
$
0.90

 
$
0.58

 
$
(0.04
)
 
$
0.54

Diluted earnings (loss) per common share
$
0.84

 
$
0.05

 
$
0.89

 
$
0.58

 
$
(0.05
)
 
$
0.53


(1) Calculation of diluted earnings per common share for the three months ended June 30, 2015 excludes preferred stock dividends as the preferred shares are considered converted.
 
Six Months Ended
 
Six Months Ended
 
June 30, 2015
 
June 30, 2014
(in millions, except per share amounts)
Continuing Operations
 
Discontinued Operations
 
Total
 
Continuing Operations
 
Discontinued Operations
 
Total
Numerator:
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
$
181.0

 
$
59.8

 
$
240.8

 
$
129.6

 
$
(8.4
)
 
$
121.2

Preferred stock dividends
5.2

 
—

 
5.2

 
5.2

 
—

 
5.2

Net income (loss) applicable to common shareowners - basic and diluted
$
175.8

 
$
59.8

 
$
235.6

 
$
124.4

 
$
(8.4
)
 
$
116.0

Denominator:
 
 
 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding - basic
209.4

 
209.4

 
209.4

 
208.2

 
208.2

 
208.2

Stock-based compensation arrangements
0.7

 
0.7

 
0.7

 
1.0

 
1.0

 
1.0

Weighted average common shares outstanding - diluted
210.1

 
210.1

 
210.1

 
209.2

 
209.2

 
209.2

Basic earnings (loss) per common share
$
0.84

 
$
0.29

 
$
1.13

 
$
0.60

 
$
(0.04
)
 
$
0.56

Diluted earnings (loss) per common share
$
0.84

 
$
0.28

 
$
1.12

 
$
0.59

 
$
(0.04
)
 
$
0.55



For the three and six months ended June 30, 2015, awards under the Company's stock-based compensation plans for common shares of 3.4 million and 3.7 million, respectively, were excluded from the computation of diluted EPS as the inclusion would have been anti-dilutive. For the three and six months ended June 30, 2014, awards under the Company's stock-based compensation plans for common shares of 3.2 million and 3.5 million, respectively, were excluded from the computation of diluted EPS as the inclusion would have been anti-dilutive. For all periods presented with the exception of the three months ended June 30, 2015, preferred stock convertible into 4.5 million common shares was excluded as it was anti-dilutive.