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:



	Year Ended December 31, 2018
(in millions, except per share amounts)	Continuing Operations			Discontinued Operations		Total
Numerator:
Net loss	$	(69.8	)	$	—	$	(69.8	)
Preferred stock dividends	10.4			—		10.4
Net loss applicable to common shareowners - basic and diluted	$	(80.2	)	$	—	$	(80.2	)
Denominator:
Weighted-average common shares outstanding - basic	46.3			—		46.3
Stock-based compensation arrangements	—			—		—
Weighted-average common shares outstanding - diluted	46.3			—		46.3
Basic and diluted loss per common share	$	(1.73	)	$	—	$	(1.73	)



	Year Ended December 31, 2017
(in millions, except per share amounts)	Continuing Operations		Discontinued Operations		Total
Numerator:
Net income	$	40.0	$	—	$	40.0
Preferred stock dividends	10.4		—		10.4
Net income applicable to common shareowners - basic and diluted	$	29.6	$	—	$	29.6
Denominator:
Weighted-average common shares outstanding - basic	42.2		—		42.2
Stock-based compensation arrangements	0.2		—		0.2
Weighted-average common shares outstanding - diluted	42.4		—		42.4
Basic and diluted earnings per common share	$	0.70	$	—	$	0.70



	Year Ended December 31, 2016
(in millions, except per share amounts)	Continuing Operations		Discontinued Operations		Total
Numerator:
Net income	$	102.7	$	0.3	$	103.0
Preferred stock dividends	10.4		—		10.4
Net income applicable to common shareowners - basic and diluted	$	92.3	$	0.3	$	92.6
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	$	2.19	$	0.01	$	2.20

In conjunction with the acquisition of Hawaiian Telcom in the third quarter of 2018, the Company issued 7.7 million Common Shares as a part of the acquisition consideration. In addition, the Company granted 0.1 million time-based restricted stock units to certain Hawaiian Telcom employees under the Hawaiian Telcom 2010 Equity Incentive Plan.

For the year ended December 31, 2018, 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 years ended December 31, 2017 and 2016, awards under the Company’s stock-based compensation plans for common shares of 0.2 million, 0.4 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.