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Earnings per Common Share
 9 Months Ended
Sep. 30, 2016
Earnings per Common Share

3. Earnings per Common Share

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

 

     Quarter Ended
September 30,		      Nine Months Ended
September 30,		  
     2016      2015      2016      2015  
(dollars and shares in millions)                            

EPS Numerator:

            

Net income (loss)

    $ 96.4       $ (86.0 )     $ 371.8       $ (0.9 ) 

Less: Income allocated to participating securities

      0.4         —           1.8         —     
  

 

 

     

 

 

     

 

 

     

 

 

  

Net income (loss) available to common shareholders

    $ 96.0       $ (86.0 )     $ 370.0       $ (0.9 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

EPS Denominator:

            

Weighted average common shares outstanding

      74.1         74.1         74.0         74.2   

Dilutive common share equivalents from share-based compensation plans

      1.2         —           1.2         —     
  

 

 

     

 

 

     

 

 

     

 

 

  

Weighted average common and common equivalent shares outstanding, assuming dilution

      75.3         74.1         75.2         74.2   
  

 

 

     

 

 

     

 

 

     

 

 

  

For both the quarter and nine months ended September 30, 2015, common share equivalents of approximately 1.3 million were not included in the computation of diluted weighted average shares outstanding. Common share equivalents primarily from share-based compensation plans were not included in these periods because their effect would have been anti-dilutive.