Earnings Per Common Share

12 Months Ended

Dec. 31, 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 issuance of common shares for awards under stock-based compensation plans, 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 after consideration of the 1-for-5 reverse stock split that became effective 11:59 p.m. October 4, 2016:



	Year Ended December 31, 2016
(in millions, except per share amounts)	Continuing Operations		Discontinued Operations		Total
Numerator:
Net income	$	101.8	$	0.3	$	102.1
Preferred stock dividends	10.4		—		10.4
Net income applicable to common shareowners - basic and diluted	$	91.4	$	0.3	$	91.7
Denominator:
Weighted-average common shares outstanding - basic	42.0		42.0		42.0
Stock-based compensation arrangements	0.1		0.1		0.1
Weighted-average common shares outstanding - diluted	42.1		42.1		42.1
Basic and diluted earnings per common share	$	2.17	$	0.01	$	2.18



	Year Ended December 31, 2015
(in millions, except per share amounts)	Continuing Operations		Discontinued Operations		Total
Numerator:
Net income	$	290.8	$	62.9	$	353.7
Preferred stock dividends	10.4		—		10.4
Net income applicable to common shareowners - basic and diluted	$	280.4	$	62.9	$	343.3
Denominator:
Weighted-average common shares outstanding - basic	41.9		41.9		41.9
Stock-based compensation arrangements	0.1		0.1		0.1
Weighted-average common shares outstanding - diluted	42.0		42.0		42.0
Basic earnings per common share	$	6.69	$	1.50	$	8.19
Diluted earnings per common share	$	6.68	$	1.49	$	8.17



	Year Ended December 31, 2014
(in millions, except per share amounts)	Continuing Operations		Discontinued Operations			Total
Numerator:
Net income	$	117.7	$	(42.1	)	$	75.6
Preferred stock dividends	10.4		—			10.4
Net income applicable to common shareowners - basic and diluted	$	107.3	$	(42.1	)	$	65.2
Denominator:
Weighted-average common shares outstanding - basic	41.7		41.7			41.7
Stock-based compensation arrangements	0.2		0.2			0.2
Weighted-average common shares outstanding - diluted	41.9		41.9			41.9
Basic earnings per common share	$	2.57	$	(1.01	)	$	1.56
Diluted earnings per common share	$	2.56	$	(1.00	)	$	1.56

For the years ended December 31, 2016, 2015 and 2014, awards under the Company’s stock-based compensation plans for common shares of 0.4 million, 0.7 million and 0.7 million, respectively, were excluded from the computation of diluted EPS as their 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.