Earnings Per Share (Notes)

6 Months Ended

Jun. 30, 2017

Earnings per Share

Earnings per share are calculated using the “two-class” method. Under the “two-class” method, undistributed earnings are allocated to both common shares and participating securities. We divide the sum of distributed earnings to common stockholders and undistributed earnings to common stockholders by the weighted-average number of common shares outstanding during the period. The restricted stock granted by AK Holding is entitled to dividends before vesting and meets the criteria of a participating security.



	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
Net income attributable to AK Steel Holding Corporation	$	61.2	$	17.3	$	123.7	$	3.7
Less: distributed earnings to common stockholders and holders of certain stock compensation awards	—		—		—		—
Undistributed earnings	$	61.2	$	17.3	$	123.7	$	3.7

Common stockholders earnings—basic and diluted:
Distributed earnings to common stockholders	$	—	$	—	$	—	$	—
Undistributed earnings to common stockholders	61.1		17.2		123.5		3.7
Common stockholders earnings—basic and diluted	$	61.1	$	17.2	$	123.5	$	3.7

Common shares outstanding (weighted-average shares in millions):
Common shares outstanding for basic earnings per share	314.3		216.4		314.2		197.0
Effect of exchangeable debt	3.9		—		7.6		—
Effect of dilutive stock-based compensation	0.8		0.8		1.0		0.6
Common shares outstanding for diluted earnings per share	319.0		217.2		322.8		197.6

Basic earnings per share:
Distributed earnings	$	—	$	—	$	—	$	—
Undistributed earnings	0.19		0.08		0.39		0.02
Basic earnings per share	$	0.19	$	0.08	$	0.39	$	0.02

Diluted earnings per share:
Distributed earnings	$	—	$	—	$	—	$	—
Undistributed earnings	0.19		0.08		0.38		0.02
Diluted earnings per share	$	0.19	$	0.08	$	0.38	$	0.02

Potentially issuable common shares (in millions) excluded from earnings per share calculation due to anti-dilutive effect	1.5		2.7		1.1		3.3