Earnings Per Common Share

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Earnings Per Common Share

2.    Earnings Per Common Share

Basic 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 September 30,						Nine Months Ended September 30,
(in millions, except per share amounts)	2020			2019			2020			2019
Numerator:
Net loss	$	(8.2	)	$	(13.6	)	$	(50.0	)	$	(46.0	)
Preferred stock dividends		2.6			2.6			7.8			7.8
Net loss applicable to common shareowners - basic and diluted	$	(10.8	)	$	(16.2	)	$	(57.8	)	$	(53.8	)
Denominator:
Weighted average common shares outstanding - basic		50.7			50.4			50.6			50.4
Stock-based compensation arrangements		—			—			—			—
Weighted average common shares outstanding - diluted		50.7			50.4			50.6			50.4
Basic and diluted net loss per common share	$	(0.21	)	$	(0.32	)	$	(1.14	)	$	(1.07	)

For the three and nine months ended September 30, 2020 and 2019, 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.