Earnings Per Common Share

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 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. The effect of the Convertible Subordinated Notes was antidilutive for the year ended December 31, 2013. See Note 11 Debt for further explanation of the Company's Convertible Subordinated Notes. Total weighted average restricted shares and antidilutive stock options were 6.8 million shares, 7.4 million shares, and 7.0 million shares, for the years ended December 31, 2015, 2014, and 2013, respectively.

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



	Year Ended December 31, 2015
	(in millions, except per share amounts)
	Income (Loss)			Average Shares	EPS
Net income from continuing operations	$	826.0
Less: net income from continuing operations attributable to noncontrolling interest	29.5
Net income from continuing operations attributable to Trinity Industries, Inc.	796.5
Unvested restricted share participation	(24.1		)
Net income from continuing operations attributable to Trinity Industries, Inc. – basic	772.4			150.2	$	5.14
Effect of dilutive securities:
Stock options	—			—
Convertible subordinated notes	0.3			2.0
Net income from continuing operations attributable to Trinity Industries, Inc. – diluted	$	772.7		152.2	$	5.08

Net income from discontinued operations, net of taxes	$	—
Unvested restricted share participation	—
Net income from discontinued operations, net of taxes – basic	—			150.2	$	—
Effect of dilutive securities:
Stock options	—			—
Convertible subordinated notes	—			2.0
Net income from discontinued operations, net of taxes – diluted	$	—		152.2	$	—



	Year Ended December 31, 2014
	(in millions, except per share amounts)
	Income (Loss)			Average Shares	EPS
Net income from continuing operations	$	709.3
Less: net income from continuing operations attributable to noncontrolling interest	31.1
Net income from continuing operations attributable to Trinity Industries, Inc.	678.2
Unvested restricted share participation	(22.1		)
Net income from continuing operations attributable to Trinity Industries, Inc. – basic	656.1			151.0	$	4.35
Effect of dilutive securities:
Stock options	—			0.1
Convertible subordinated notes	0.7			5.6
Net income from continuing operations attributable to Trinity Industries, Inc. – diluted	$	656.8		156.7	$	4.19

Net income from discontinued operations, net of taxes	$	—
Unvested restricted share participation	—
Net income from discontinued operations, net of taxes – basic	—			151.0	$	—
Effect of dilutive securities:
Stock options	—			0.1
Convertible subordinated notes	—			5.6
Net income from discontinued operations, net of taxes – diluted	$	—		156.7	$	—



	Year Ended December 31, 2013
	(in millions, except per share amounts)
	Income (Loss)			Average Shares	EPS
Net income from continuing operations	$	386.1
Less: net loss from continuing operations attributable to noncontrolling interest	16.9
Net income from continuing operations attributable to Trinity Industries, Inc.	369.2
Unvested restricted share participation	(12.0		)
Net income from continuing operations attributable to Trinity Industries, Inc. – basic	357.2			152.8	$	2.34
Effect of dilutive securities:
Stock options	—			0.1
Convertible subordinated notes	—			—
Net income from continuing operations attributable to Trinity Industries, Inc. – diluted	$	357.2		152.9	$	2.34

Net income from discontinued operations, net of taxes	$	6.3
Unvested restricted share participation	(0.2		)
Net income from discontinued operations, net of taxes – basic	6.1			152.8	$	0.04
Effect of dilutive securities:
Stock options	—			0.1
Convertible subordinated notes	—			—
Net income from discontinued operations, net of taxes – diluted	$	6.1		152.9	$	0.04