Earnings Per Common Share

9 Months Ended

Sep. 30, 2016

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 the issuance of common shares for awards under stock-based compensation plans, the exercise of warrants or the 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 after consideration of the 1-for-5 reverse stock split that became effective 11:59 pm as of October 4, 2016:



	Three Months Ended						Three Months Ended
	September 30, 2016						September 30, 2015
(in millions, except per share amounts)	Continuing Operations		Discontinued Operations		Total		Continuing Operations		Discontinued Operations		Total
Numerator:
Net income	$	18.8	$	—	$	18.8	$	79.3	$	1.0	$	80.3
Preferred stock dividends	2.6		—		2.6		2.6		—		2.6
Net income applicable to common shareowners - basic and diluted	$	16.2	$	—	$	16.2	$	76.7	$	1.0	$	77.7
Denominator:
Weighted average common shares outstanding - basic	42.0		42.0		42.0		41.9		41.9		41.9
Stock-based compensation arrangements	0.1		0.1		0.1		0.1		0.1		0.1
Weighted average common shares outstanding - diluted	42.1		42.1		42.1		42.0		42.0		42.0
Basic earnings per common share	$	0.39	$	—	$	0.39	$	1.83	$	0.02	$	1.85
Diluted earnings per common share	$	0.38	$	—	$	0.38	$	1.83	$	0.02	$	1.85



	Nine Months Ended						Nine Months Ended
	September 30, 2016						September 30, 2015
(in millions, except per share amounts)	Continuing Operations		Discontinued Operations		Total		Continuing Operations		Discontinued Operations		Total
Numerator:
Net income	$	103.4	$	—	$	103.4	$	260.3	$	60.8	$	321.1
Preferred stock dividends	7.8		—		7.8		7.8		—		7.8
Net income applicable to common shareowners - basic and diluted	$	95.6	$	—	$	95.6	$	252.5	$	60.8	$	313.3
Denominator:
Weighted average common shares outstanding - basic	42.0		42.0		42.0		41.9		41.9		41.9
Stock-based compensation arrangements	0.1		0.1		0.1		0.1		0.1		0.1
Weighted average common shares outstanding - diluted	42.1		42.1		42.1		42.0		42.0		42.0
Basic earnings per common share	$	2.28	$	—	$	2.28	$	6.03	$	1.45	$	7.48
Diluted earnings per common share	$	2.27	$	—	$	2.27	$	6.01	$	1.45	$	7.46

For the three and nine months ended September 30, 2016, awards under the Company's stock-based compensation plans for common shares of 0.2 million and 0.4 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, 2015, awards under the Company's stock-based compensation plans for common shares of 0.7 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 0.9 million common shares was excluded as it was anti-dilutive.