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Earnings (Loss) Per Share Attributable to Navistar International Corporation
 3 Months Ended
Jan. 31, 2020
Earnings Per Share [Abstract]  
Loss Per Share Attributable to Navistar International Corporation Earnings Per Share Attributable to Navistar International Corporation
The following table presents the information used in the calculation of our basic and diluted earnings (loss) per share all attributable to NIC in our Consolidated Statements of Operations:
 
Three Months Ended January 31,
(in millions, except per share data)
2020

2019
Numerator:
 
 
 
Net income (loss) attributable to Navistar International Corporation common stockholders
$
(36
)
 
$
11

 
 
 
 
Denominator:
 
 
 
Weighted average shares outstanding:
 
 
 
Basic
99.5

 
99.1

Effect of dilutive securities
—

 
0.3

Diluted
99.5

 
99.4

 
 
 
 
Earnings (loss) per share attributable to Navistar International Corporation:
 
 
 
       Basic
$
(0.36
)
 
$
0.11

Diluted
(0.36
)
 
0.11


The conversion rate on our former 4.75% Senior Subordinated Convertible Notes due 2019 (the “2019 Convertible Notes”) was 18.4946 shares of common stock per $1,000 principal amount of 2019 Convertible Notes, equivalent to an initial conversion price of approximately $54.07 per share of common stock. The 2019 Convertible Notes had an anti-dilutive effect when calculating diluted earnings per share when our average stock price was less than $54.07. The 2019 Convertible Notes were fully repaid upon maturity in April 2019, and none were converted into shares of our common stock.
The computation of diluted earnings per share excludes outstanding options and other common stock equivalents in periods where inclusion of such potential common stock instruments would be anti-dilutive. For the three months ended January 31, 2020, no dilutive securities were included in the computation of diluted earnings per share because they would have been anti-dilutive due to the net loss attributable to NIC.
For the three months ended January 31, 2019, certain securities have been excluded from the computation of earnings per share, as our average stock price during the period was less than their respective exercise prices. The aggregate shares not included were 9.9 million, comprised primarily of 7.6 million shares related to the 2019 Convertible Notes.