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Earnings per Common Share (Tables)
3 Months Ended
Mar. 31, 2017
Earnings Per Share [Abstract]  
Reconciliation of Net Income and Weighted Average Shares Outstanding Used in Computing Basic and Diluted Net Income Per Common Share

The following table sets forth a reconciliation of net income and weighted average shares outstanding (in millions) used in computing basic and diluted net income per common share:

 

 

 

Three Months Ended March 31,

 

 

 

2017

 

 

2016

 

Net income

 

$

(110.5

)

 

$

(0.7

)

Less: Net income attributable to noncontrolling interests

 

 

8.8

 

 

 

2.0

 

Less: Dividends on preferred stock

 

 

29.0

 

 

 

3.8

 

Net income attributable to common shareholders for basic earnings per share

 

$

(148.3

)

 

$

(6.5

)

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding - basic

 

 

191.8

 

 

 

106.6

 

 

 

 

 

 

 

 

 

 

Net income available per common share - basic

 

$

(0.77

)

 

$

(0.06

)

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 

191.8

 

 

 

106.6

 

Dilutive effect of unvested stock awards

 

 

 

 

 

 

Weighted average shares outstanding - diluted

 

 

191.8

 

 

 

106.6

 

 

 

 

 

 

 

 

 

 

Net income available per common share - diluted

 

$

(0.77

)

 

$

(0.06

)

 

Summary of Potential Common Stock Equivalents Excluded from Determination of Diluted Earnings Per Share

 

The following potential common stock equivalents are excluded from the determination of diluted earnings per share because the inclusion of such shares would have been anti-dilutive (in millions on a weighted-average basis):

 

 

 

Three Months Ended March 31,

 

 

 

2017

 

 

2016

 

Unvested restricted stock awards

 

 

1.3

 

 

 

0.1

 

Warrants to purchase common stock

 

 

0.1

 

 

 

2.0

 

Series A preferred stock (1)

 

 

46.5

 

 

 

13.8

 

The Series A Preferred has no mandatory redemption date, but is redeemable at our election in year six for a 10% premium to the liquidation preference and for a 5% premium to the liquidation preference thereafter. If the Series A Preferred is not redeemed by the end of year twelve, the investors have the right to convert the Series A Preferred into TRC common stock. See Note 12 – Preferred Stock