Earnings Per Common Share

9 Months Ended

Sep. 30, 2015

Basic net income attributable to Trinity Industries, Inc. per common share is computed by dividing net income attributable to Trinity remaining after allocation to unvested restricted shares by the weighted average number of basic unrestricted common shares outstanding for the period. Except when the effect would be antidilutive, the calculation of diluted net income attributable to Trinity per common share includes 1) the net impact of unvested restricted shares and shares that could be issued under outstanding stock options and 2) the incremental shares calculated by dividing the value of the conversion obligation in excess of the Convertible Subordinated Notes' aggregate principal amount by the average price of the Company's common stock during the period. Total weighted average restricted shares and antidilutive stock options were 6.3 million shares and 6.9 million shares for the three and nine months ended September 30, 2015, respectively. Total weighted average restricted shares and antidilutive stock options were 6.9 million shares and 7.6 million shares for the three and nine months ended September 30, 2014, respectively.

The computation of basic and diluted net income attributable to Trinity Industries, Inc. follows.



	Three Months Ended September 30, 2015						Three Months Ended September 30, 2014
	Income (Loss)			Average Shares	EPS		Income (Loss)			Average Shares	EPS
	(in millions, except per share amounts)
Net income attributable to Trinity Industries, Inc.	$	204.3					$	149.4
Unvested restricted share participation	(6.0		)				(4.7		)
Net income attributable to Trinity Industries, Inc. – basic	198.3			150.0	$	1.32	144.7			151.5	$	0.96
Effect of dilutive securities:
Stock options	—			—			—			0.1
Convertible subordinated notes	—			0.9			0.2			8.0
Net income attributable to Trinity Industries, Inc. – diluted	$	198.3		150.9	$	1.31	$	144.9		159.6	$	0.91



	Nine Months Ended September 30, 2015						Nine Months Ended September 30, 2014
	Income (Loss)			Average Shares	EPS		Income (Loss)			Average Shares	EPS
	(in millions, except per share amounts)
Net income attributable to Trinity Industries, Inc.	$	596.5					$	540.0
Unvested restricted share participation	(18.2		)				(17.8		)
Net income attributable to Trinity Industries, Inc. – basic	578.3			150.6	$	3.84	522.2			150.9	$	3.46
Effect of dilutive securities:
Stock options	—			—			—			0.1
Convertible subordinated notes	0.3			2.5			0.6			6.0
Net income attributable to Trinity Industries, Inc. – diluted	$	578.6		153.1	$	3.78	$	522.8		157.0	$	3.33