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Earnings per Common Share
 6 Months Ended
Jun. 30, 2013
Earnings per Common Share

4. Earnings per Common Share

Earnings per share (“EPS”) is computed under the two-class method using the following common share information:

 

     Quarter Ended
June 30,		      Six Months
Ended June 30,		  
     2013     2012      2013     2012  
(dollars and shares in millions)                          

EPS Numerator:

          

Net (loss) income

    $ (161.6 )    $ 133.9       $ (70.9 )    $ 272.6   

Less: Income allocated to participating securities

      —          2.6         —          5.3   
  

 

 

    

 

 

     

 

 

    

 

 

  

Net (loss) income available to common shareholders

    $ (161.6 )    $ 131.3       $ (70.9 )    $ 267.3   
  

 

 

    

 

 

     

 

 

    

 

 

  

EPS Denominator:

            

Weighted average common shares outstanding

      79.8         83.9         80.6         84.0   

Dilutive common share equivalents from share-based compensation plans

      —           1.2         —           1.1   
  

 

 

     

 

 

     

 

 

     

 

 

  

Weighted average common and common equivalent shares outstanding, assuming dilution

      79.8         85.1         80.6         85.1   
  

 

 

     

 

 

     

 

 

     

 

 

  

For both the quarter and six months ended June 30, 2013, approximately 1.3 million common share equivalents primarily from share-based compensation plans were not included in the computation of diluted weighted average shares outstanding because their effect would have been anti-dilutive.