Earnings Per Common Share

6 Months Ended

Jun. 30, 2019

Earnings Per Share [Abstract]

Earnings Per Common Share

2.    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:

	Three Months Ended June 30,						Six Months Ended June 30,
(in millions, except per share amounts)	2019			2018			2019			2018
Numerator:
Net loss	$	(5.5	)	$	(13.8	)	$	(32.4	)	$	(22.1	)
Preferred stock dividends		2.6			2.6			5.2			5.2
Net loss applicable to common shareowners - basic and diluted	$	(8.1	)	$	(16.4	)	$	(37.6	)	$	(27.3	)
Denominator:
Weighted average common shares outstanding - basic		50.4			42.4			50.3			42.4
Stock-based compensation arrangements		—			—			—			—
Weighted average common shares outstanding - diluted	$	50.4		$	42.4		$	50.3		$	42.4
Basic and diluted net loss per common share	$	(0.16	)	$	(0.39	)	$	(0.75	)	$	(0.64	)

For the three and six months ended June 30, 2019 and 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 all periods presented, preferred stock convertible into 0.9 million common shares was excluded as it was anti-dilutive.