Earnings per Share (EPS) (Tables)

12 Months Ended

Dec. 31, 2020

Earnings allocation method utilized in the calculation of basic and diluted EPS

The following illustrates the earnings allocation method utilized in the calculation of basic and diluted EPS:


	Year Ended December 31,
	2020		2019		2018
	(In millions, except per share data)
EPS numerator:
(Loss) income from continuing operations, net of income taxes	$	(1,859.8)	$	(188.3)	$	645.7
Less: Series A Convertible Preferred Stock dividends	—		—		102.5
Less: Net (loss) income attributable to noncontrolling interests	(3.5)		26.2		16.9
(Loss) income from continuing operations attributable to common stockholders, before allocation of earnings to participating securities	(1,856.3)		(214.5)		526.3
Less: Earnings allocated to participating securities	—		—		7.9
(Loss) income from continuing operations attributable to common stockholders, after allocation of earnings to participating securities (1)	(1,856.3)		(214.5)		518.4
(Loss) income from discontinued operations, net of income taxes	(14.0)		3.2		18.1
Less: Income from discontinued operations allocated to participating securities	—		—		0.3
(Loss) income from discontinued operations attributable to common stockholders, after allocation of earnings to participating securities	(14.0)		3.2		17.8
Net (loss) income attributable to common stockholders, after allocation of earnings to participating securities (1)	$	(1,870.3)	$	(211.3)	$	536.2

EPS denominator:
Weighted average shares outstanding — basic	97.7		103.7		119.3
Impact of dilutive securities	—		—		1.7
Weighted average shares outstanding — diluted (2)	97.7		103.7		121.0

Basic EPS attributable to common stockholders:
(Loss) income from continuing operations	$	(18.99)	$	(2.07)	$	4.35
(Loss) income from discontinued operations	(0.15)		0.03		0.15
Net (loss) income attributable to common stockholders	$	(19.14)	$	(2.04)	$	4.50

Diluted EPS attributable to common stockholders:
(Loss) income from continuing operations	$	(18.99)	$	(2.07)	$	4.28
(Loss) income from discontinued operations	(0.15)		0.03		0.15
Net (loss) income attributable to common stockholders	$	(19.14)	$	(2.04)	$	4.43

(1) The reallocation adjustment for participating securities to arrive at the numerator to calculate diluted EPS was $0.1 million for the year ended December 31, 2018.

(2) The two-class method assumes that participating securities are not exercised or converted. As such, weighted average diluted shares outstanding excluded 2.1 million shares related to the participating securities for the year ended December 31, 2018.