Earnings per Share

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

Earnings per Share

Earnings per Share

Reconciliation of the numerators and denominators of the earnings per share calculations —

	2014		2013			2012
Income from continuing operations	$	343	$	261		$	315
Less: Noncontrolling interests	9		16			15
Less: Preferred stock dividend requirements	7		25			31
Less: Preferred stock redemption premium			232
Income (loss) from continuing operations available to common stockholders - Numerator basic	327		(12		)	269
Preferred stock dividend requirements	7					31
Numerator diluted	$	334	$	(12	)	$	300
Net income (loss) available to common stockholders - Numerator basic	$	312	$	(13	)	$	269
Preferred stock dividend requirements	7					31
Numerator diluted	$	319	$	(13	)	$	300
Weighted-average number of shares outstanding - Denominator basic	158.0		146.4			148.0
Employee compensation-related shares, including stock options	1.2					2.0
Conversion of preferred stock	14.3					64.7
Denominator diluted	173.5		146.4			214.7

The share count for diluted earnings per share is computed on the basis of the weighted-average number of common shares outstanding plus the effects of dilutive common stock equivalents (CSEs) outstanding during the period. We excluded 0.3 million and 1.1 million CSEs from the calculations of diluted earnings per share for the years 2013 and 2012 as the effect of including them would have been anti-dilutive. In addition, we excluded CSEs that satisfied the definition of potentially dilutive shares of 1.5 million for 2013 since there was no net income available to common stockholders for this period.

We excluded 12.2 million shares related to the assumed conversion of our Series A preferred stock for 2013 and 39.9 million shares related to the assumed conversion of our Series B preferred stock for 2013, along with the adjustment for the related dividend requirements, as the conversions would have been anti-dilutive for the period.