Earnings Per Common Share

9 Months Ended

Sep. 30, 2019

The following table presents net income, the weighted average common shares used in calculating basic earnings per common share (“EPS”) and those used in calculating diluted EPS for each period presented below. Diluted EPS reflects the incremental common shares from: (1) common shares issuable upon vesting of PSUs and ESPP using the treasury stock method; and (2) common shares issuable upon conversion of the MCPS using the if-converted method. The outstanding RSUs have non-forfeitable rights to dividend equivalents and are therefore included in calculating basic and diluted EPS under the two-class method.



	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Numerator
Net (loss) income attributable to stockholders	$	(54.8	)	$	53.0		$	255.0		$	226.0
Less: Preferred stock dividends	(4.7		)	(4.7		)	(14.0		)	(9.5		)
Net (loss) income attributable to common stockholders	(59.5		)	48.3			241.0			216.5
Less: Common stock dividends paid	(37.3		)	(35.5		)	(113.0		)	(96.1		)
Undistributed earnings or losses	$	(96.8	)	$	12.8		$	128.0		$	120.4
Denominator
Weighted average common shares outstanding used in basic earnings per common share calculations	61,804,492			63,621,184			62,204,242			57,988,570
Incremental common shares from:
PSUs	—			179,163			256,003			205,370
ESPP	—			—			—			—
MCPS	—			—			—			—
Weighted average common shares used in diluted earnings per common share calculations	61,804,492			63,800,347			62,460,245			58,193,940
Earnings per common share - Basic
Distributed earnings	$	0.60		$	0.56		$	1.82		$	1.66
Undistributed earnings or losses	(1.56		)	0.20			2.06			2.07
Net (loss) income attributable to common stockholders	$	(0.96	)	$	0.76		$	3.88		$	3.73
Earnings per common share - Diluted (1)
Distributed earnings	$	0.60		$	0.56		$	1.81		$	1.65
Undistributed earnings or losses	(1.56		)	0.20			2.05			2.07
Net (loss) income attributable to common stockholders	$	(0.96	)	$	0.76		$	3.86		$	3.72


(1)	In accordance with earnings per share guidance, diluted per share amounts are computed in the same manner as basic per share amounts when a loss from operations exists.

Average PSUs totaling 261,332 and 69,624 for the three months ended September 30, 2019 and 2018, respectively, and 118 and 31,363 for the nine months ended September 30, 2019 and 2018, respectively, were anti-dilutive and thus not included in the computation of diluted EPS under the treasury stock method. Average ESPP totaling 2,631 for the three months ended September 30, 2019 were anti-dilutive and thus not included in the computation of diluted EPS under the treasury stock method. Average MCPS totaling 2,693,588 and 2,715,438 for the three months ended September 30, 2019 and 2018, respectively, and 2,739,875 and 2,161,123 for the nine months ended September 30, 2019 and 2018, respectively, were anti-dilutive and thus not included in the computation of diluted EPS under the if-converted method.