Earnings Per Common Share

3 Months Ended

Mar. 31, 2017

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. See Note 11 Debt for further explanation of the Company's Convertible Subordinated Notes. Total weighted average restricted shares and antidilutive stock options were 6.2 million shares and 6.3 million shares for the three months ended March 31, 2017 and 2016, respectively.

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



	Three Months Ended March 31, 2017						Three Months Ended March 31, 2016
	Income (Loss)			Average Shares	EPS		Income (Loss)			Average Shares	EPS
	(in millions, except per share amounts)
Net income attributable to Trinity Industries, Inc.	$	46.0					$	97.2
Unvested restricted share participation	(1.2		)				(2.9		)
Net income attributable to Trinity Industries, Inc. – basic	44.8			148.7	$	0.30	94.3			148.3	$	0.64
Effect of dilutive securities:
Convertible subordinated notes	—			1.9			—			—
Net income attributable to Trinity Industries, Inc. – diluted	$	44.8		150.6	$	0.30	$	94.3		148.3	$	0.64