Earnings Per Common Share

12 Months Ended

Dec. 31, 2018

Earnings Per Share [Abstract]

Earnings Per Common Share

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 Notes' aggregate principal amount by the average price of our common stock during the period. See Note 11 for further explanation of our Convertible Notes. Total weighted average restricted shares were 5.8 million shares, 6.4 million shares, and 6.6 million shares, for the years ended December 31, 2018, 2017, and 2016, respectively.

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

	Year Ended December 31, 2018
	(in millions, except per share amounts)
	Income (Loss)			Average Shares	EPS
Net income from continuing operations attributable to Trinity Industries, Inc.	$	105.2
Unvested restricted share participation	(2.2		)
Net income from continuing operations attributable to Trinity Industries, Inc. – basic	103.0			144.0	$	0.72
Effect of dilutive securities:
Nonparticipating unvested restricted shares and stock options	—			1.0
Convertible subordinated notes	—			1.4
Net income from continuing operations attributable to Trinity Industries, Inc. – diluted	$	103.0		146.4	$	0.70
Net income from discontinued operations, net of taxes	$	54.1
Unvested restricted share participation	(0.6		)
Net income from discontinued operations, net of taxes – basic	53.5			144.0	$	0.37
Effect of dilutive securities:
Nonparticipating unvested restricted shares and stock options	—			1.0
Convertible subordinated notes	—			1.4
Net income from discontinued operations, net of taxes – diluted	$	53.5		146.4	$	0.37

	Year Ended December 31, 2017
	(in millions, except per share amounts)
	Income (Loss)			Average Shares	EPS
Net income from continuing operations attributable to Trinity Industries, Inc.	$	599.1
Unvested restricted share participation	(13.5		)
Net income from continuing operations attributable to Trinity Industries, Inc. – basic	585.6			148.6	$	3.94
Effect of dilutive securities:
Nonparticipating unvested restricted shares and stock options	—			0.5
Convertible subordinated notes	0.3			2.9
Net income from continuing operations attributable to Trinity Industries, Inc. – diluted	$	585.9		152.0	$	3.85
Net income from discontinued operations, net of taxes	$	103.4
Unvested restricted share participation	(1.9		)
Net income from discontinued operations, net of taxes – basic	101.5			148.6	$	0.68
Effect of dilutive securities:
Nonparticipating unvested restricted shares and stock options	—			0.5
Convertible subordinated notes	—			2.9
Net income from discontinued operations, net of taxes – diluted	$	101.5		152.0	$	0.67

	Year Ended December 31, 2016
	(in millions, except per share amounts)
	Income (Loss)			Average Shares	EPS
Net income from continuing operations attributable to Trinity Industries, Inc.	$	182.1
Unvested restricted share participation	(5.8		)
Net income from continuing operations attributable to Trinity Industries, Inc. – basic	176.3			148.4	$	1.19
Effect of dilutive securities:
Nonparticipating unvested restricted shares and stock options	—			—
Convertible subordinated notes	—			0.2
Net income from continuing operations attributable to Trinity Industries, Inc. – diluted	$	176.3		148.6	$	1.19
Net income from discontinued operations, net of taxes	$	161.5
Unvested restricted share participation	(3.6		)
Net income from discontinued operations, net of taxes – basic	157.9			148.4	$	1.06
Effect of dilutive securities:
Nonparticipating unvested restricted shares and stock options	—			—
Convertible subordinated notes	—			0.2
Net income from discontinued operations, net of taxes – diluted	$	157.9		148.6	$	1.06