Earnings Per Common Share

3 Months Ended

Mar. 31, 2017

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 Reverse Split:



	Three Months Ended
	March 31,
(in millions, except per share amounts)	2017		2016
Numerator:
Net income	$	60.4	$	7.0
Preferred stock dividends	2.6		2.6
Net income applicable to common shareowners - basic and diluted	$	57.8	$	4.4
Denominator:
Weighted average common shares outstanding - basic	42.1		42.0
Stock-based compensation arrangements	0.2		0.1
Weighted average common shares outstanding - diluted	42.3		42.1
Basic and diluted earnings per common share	$	1.37	$	0.10

For the three months ended March 31, 2017 and 2016, awards under the Company's stock-based compensation plans for common shares of 0.2 million and 0.6 million, respectively, 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.