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.
|