Earnings Per Share

9 Months Ended

Sep. 30, 2019

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

The computations of the weighted average shares outstanding for the periods indicated are as follows (in millions):

	Three Months Ended September 30,		Nine Months Ended September 30,
	2019	2018	2019	2018
Weighted average shares outstanding	423.4	470.7	423.2	480.6
Share-based payment awards classified as participating securities (1)	—	0.3	0.1	0.5
Basic weighted average shares outstanding	423.4	471.0	423.3	481.1
Dilutive securities (2)	—	—	—	—
Diluted weighted average shares outstanding	423.4	471.0	423.3	481.1

(1) For the three months ended September 30, 2019 and 2018, dividends and equivalents for share-based awards that are expected to be forfeited do not have a material effect on net income for basic and diluted earnings per share.

(2) The three and nine months ended September 30, 2019 both exclude $0.4 million potentially dilutive share-based awards as their effect would be anti-dilutive.

The three and nine months ended September 30, 2018 excludes 0.3 million and 0.6 million potentially dilutive share-based awards as their effect would be anti-dilutive.

At September 30, 2019, there were 1.3 million potentially dilutive restricted stock awards with performance-based vesting targets that were not met and as such, have been excluded from the computation of diluted earnings per share.