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:



	Three Months Ended
	June 30,
(in millions, except per share amounts)	2017			2016
Numerator:
Net income	$	2.1		$	77.6
Preferred stock dividends	2.6			2.6
Net (loss) income applicable to common shareowners - basic and diluted	$	(0.5	)	$	75.0
Denominator:
Weighted average common shares outstanding - basic	42.2			42.0
Stock-based compensation arrangements	—			0.1
Weighted average common shares outstanding - diluted	42.2			42.1
Basic (loss) earnings per common share	$	(0.01	)	$	1.79
Diluted (loss) earnings per common share	$	(0.01	)	$	1.78



	Six Months Ended
	June 30,
(in millions, except per share amounts)	2017		2016
Numerator:
Net income	$	62.5	$	84.6
Preferred stock dividends	5.2		5.2
Net income applicable to common shareowners - basic and diluted	$	57.3	$	79.4
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 earnings per common share	$	1.36	$	1.89
Diluted earnings per common share	$	1.35	$	1.89

For the three months ended June 30, 2017, 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 their inclusion would have been anti-dilutive. For the six months ended June 30, 2017, awards under the Company's stock-based compensation plans for common shares of 0.3 million 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, 2016, awards under the Company's stock-based compensation plans for common shares of 0.4 million and 0.5 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.