Earnings Per Share

6 Months Ended

Jun. 30, 2019

The calculation of Earnings (loss) per share (basic) is based on the weighted average number of shares of the Company’s common stock outstanding during the period. Earnings (loss) per share (diluted) is similar to Earnings (loss) 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 Three Months Ended June 30,				For the Six Months Ended June 30,
	2018		2019		2018		2019
Numerator
Net income (loss) (controlling interest)	$	117.0	$	107.7	$	270.0	$	(93.1	)
Interest expense on junior convertible securities, net of taxes	—		—		9.5		—
Net income (loss) (controlling interest), as adjusted	$	117.0	$	107.7	$	279.5	$	(93.1	)
Denominator
Average shares outstanding (basic)	54.0		51.0		54.3		51.5
Effect of dilutive instruments:
Stock options and restricted stock units	0.2		0.0		0.3		—
Junior convertible securities	—		—		2.2		—
Average shares outstanding (diluted)	54.2		51.0		56.8		51.5

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 Three Months Ended June 30,		For the Six Months Ended June 30,
	2018	2019	2018	2019
Stock options and restricted stock units	0.2	0.6	0.2	0.5
Junior convertible securities	2.2	2.2	—	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.

For the three and six months ended June 30, 2019, the Company repurchased 0.6 million and 1.4 million shares, respectively, of its common stock at an average price per share of $89.07 and $99.33, respectively.