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Earnings Per Share
12 Months Ended
Dec. 31, 2018
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share
The calculation of Earnings per share (basic) is based on the weighted average number of shares of the Company’s common stock outstanding during the period. Earnings per share (diluted) is similar to Earnings per share (basic), but adjusts for the dilutive effect of the potential issuance of incremental shares of the Company’s common stock. The following is a reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings per share available to common stockholders:
 
 
For the Years Ended December 31,
 
 
2016
 
2017
 
2018
Numerator
 
 
 
 
 
 
Net income (controlling interest)
 
$
472.8

 
$
689.5

 
$
243.6

Interest expense on convertible securities, net of taxes
 
15.5

 
15.5

 

Net income (controlling interest), as adjusted
 
$
488.3

 
$
705.0

 
$
243.6

Denominator
 
 

 
 

 
 

Average shares outstanding (basic)
 
54.2

 
56.0

 
53.6

Effect of dilutive instruments:
 
 

 
 

 
 

Stock options and restricted stock units
 
0.6

 
0.4

 
0.2

Convertible securities
 
2.2

 
2.2

 

Average shares outstanding (diluted)
 
57.0

 
58.6

 
53.8


Average shares outstanding (diluted) in the table above excludes share-based awards that have not satisfied performance conditions and the anti-dilutive effect of the following:
 
For the Years Ended December 31,
 
2016
 
2017
 
2018
Stock options and restricted stock units
0.6

 
0.1

 
0.2

Convertible securities

 

 
2.2


The Company may settle portions of its Affiliate equity purchases in shares of its common stock. Because it is the Company’s intention to settle these potential purchases in cash, the calculation of Average shares outstanding (diluted) excludes any potential dilutive effect from possible share settlements of Affiliate equity purchases.