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Earnings per Common Share
6 Months Ended
Jun. 30, 2018
Earnings Per Share [Abstract]  
Earnings per Common Share

Note 14 — Earnings 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 June 30,

 

 

Six Months Ended June 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Net income

 

$

121.1

 

 

$

70.6

 

 

$

160.0

 

 

$

(39.9

)

Less: Net income attributable to noncontrolling interests

 

 

12.0

 

 

 

13.0

 

 

 

28.0

 

 

 

21.8

 

Less: Dividends on preferred stock

 

 

30.1

 

 

 

29.2

 

 

 

59.9

 

 

 

58.3

 

Net income attributable to common shareholders for basic earnings per share

 

$

79.0

 

 

$

28.4

 

 

$

72.1

 

 

$

(120.0

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding - basic

 

 

221.1

 

 

 

203.7

 

 

 

219.9

 

 

 

197.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income available per common share - basic

 

$

0.36

 

 

$

0.14

 

 

$

0.33

 

 

$

(0.61

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 

221.1

 

 

 

203.7

 

 

 

219.9

 

 

 

197.8

 

Dilutive effect of common stock equivalents (1)

 

 

1.7

 

 

 

1.3

 

 

 

1.6

 

 

 

 

Weighted average shares outstanding - diluted

 

 

222.8

 

 

 

205.0

 

 

 

221.5

 

 

 

197.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income available per common share - diluted

 

$

0.35

 

 

$

0.14

 

 

$

0.33

 

 

$

(0.61

)

______________________________________________________________________________

 

(1)

The dilutive effects of common stock equivalents were computed using the treasury method for warrants and unvested stock awards, and the if-converted method for convertible preferred stock. For the periods with net income attributable to common shareholders, the anti-dilution sequencing rule was applied from the most dilutive to the least dilutive potential common shares.

 

 

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 June 30,

 

 

Six Months Ended June 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Unvested restricted stock awards

 

 

 

 

 

0.2

 

 

 

 

 

 

1.2

 

Warrants to purchase common stock (1)

 

 

 

 

 

 

 

 

 

 

 

0.1

 

Series A Preferred Stock (2)

 

 

46.5

 

 

 

46.5

 

 

 

46.5

 

 

 

46.5

 

___________________________________________________________________________________________

 

(1)

During the three months ended March 31, 2018, the remaining Warrants were exercised and net settled by us for shares of common stock.

 

(2) 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.