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Earnings Per Common Share
 9 Months Ended
Sep. 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
 
September 30, 2015
 
September 30, 2014
(in millions, except per share amounts)
Continuing Operations
 
Discontinued Operations
 
Total
 
Continuing Operations
 
Discontinued Operations
 
Total
Numerator:
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
$
79.3

 
$
1.0

 
$
80.3

 
$
(7.5
)
 
$
(19.8
)
 
$
(27.3
)
Preferred stock dividends
2.6

 
—

 
2.6

 
2.6

 
—

 
2.6

Net income (loss) applicable to common shareowners - basic and diluted
$
76.7

 
$
1.0

 
$
77.7

 
$
(10.1
)
 
$
(19.8
)
 
$
(29.9
)
Denominator:
 
 
 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding - basic
209.8

 
209.8

 
209.8

 
208.7

 
208.7

 
208.7

Stock-based compensation arrangements
0.4

 
0.4

 
0.4

 
—

 
—

 
—

Weighted average common shares outstanding - diluted
210.2

 
210.2

 
210.2

 
208.7

 
208.7

 
208.7

Basic earnings (loss) per common share
$
0.37

 
$
—

 
$
0.37

 
$
(0.05
)
 
$
(0.09
)
 
$
(0.14
)
Diluted earnings (loss) per common share
$
0.37

 
$
—

 
$
0.37

 
$
(0.05
)
 
$
(0.09
)
 
$
(0.14
)


 
Nine Months Ended
 
Nine Months Ended
 
September 30, 2015
 
September 30, 2014
(in millions, except per share amounts)
Continuing Operations
 
Discontinued Operations
 
Total
 
Continuing Operations
 
Discontinued Operations
 
Total
Numerator:
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
$
260.3

 
$
60.8

 
$
321.1

 
$
122.1

 
$
(28.2
)
 
$
93.9

Preferred stock dividends
7.8

 
—

 
7.8

 
7.8

 
—

 
7.8

Net income (loss) applicable to common shareowners - basic and diluted
$
252.5

 
$
60.8

 
$
313.3

 
$
114.3

 
$
(28.2
)
 
$
86.1

Denominator:
 
 
 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding - basic
209.5

 
209.5

 
209.5

 
208.4

 
208.4

 
208.4

Stock-based compensation arrangements
0.6

 
0.6

 
0.6

 
1.0

 
1.0

 
1.0

Weighted average common shares outstanding - diluted
210.1

 
210.1

 
210.1

 
209.4

 
209.4

 
209.4

Basic earnings (loss) per common share
$
1.21

 
$
0.29

 
$
1.50

 
$
0.55

 
$
(0.14
)
 
$
0.41

Diluted earnings (loss) per common share
$
1.20

 
$
0.29

 
$
1.49

 
$
0.55

 
$
(0.14
)
 
$
0.41



For the three and nine months ended September 30, 2015, 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 the inclusion would have been anti-dilutive. For the three months ended September 30, 2014, 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 the inclusion would have been anti-dilutive. For the nine months ended September 30, 2014, awards under the Company's stock-based compensation plans for common shares of 3.3 million were excluded from the computation of diluted EPS as the 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.