Earnings Per Common Share

9 Months Ended

Sep. 30, 2020

Basic net income attributable to Trinity Industries, Inc. per common share ("EPS") 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 EPS includes the net impact of unvested RSAs and RSUs. Total weighted average restricted shares were 4.2 million and 4.7 million shares for the three and nine months ended September 30, 2020, respectively. Approximately 0.3 million restricted shares and 0.3 million stock options were excluded from the EPS calculation for the three months ended September 30, 2020, as their effect would have been antidilutive. There were no restricted shares and stock options included in the computation of diluted earnings per common share for the nine months ended September 30, 2020 as we incurred a loss for the period, and any effect on loss per common share would have been antidilutive. Total weighted average restricted shares were 5.5 million shares for the three and nine months ended September 30, 2019. Approximately 1.2 million and 0.2 million of these restricted shares were excluded from the EPS calculation for the three and nine months ended September 30, 2019, respectively, as their effect would have been antidilutive.

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


	Three Months Ended September 30,						Nine Months Ended September 30,
	2020		2019		2020		2019
	(in millions, except per share amounts)
Income (loss) from continuing operations	$	25.9	$	48.1	$	(99.4)	$	116.9
Less: Net (income) loss attributable to noncontrolling interest	(0.8)		1.3		79.5		1.4
Unvested restricted share participation — continuing operations	(0.2)		(0.6)		—		(1.6)
Net income (loss) from continuing operations attributable to Trinity Industries, Inc.	24.9		48.8		(19.9)		116.7
Net loss from discontinued operations, net of income taxes	—		(0.4)		(0.2)		(2.3)
Unvested restricted share participation — discontinued operations	—		—		—		—
Net loss from discontinued operations attributable to Trinity Industries, Inc.	—		(0.4)		(0.2)		(2.3)
Net income (loss) attributable to Trinity Industries, Inc., including the effect of unvested restricted share participation	$	24.9	$	48.4	$	(20.1)	$	114.4

Basic weighted average shares outstanding	116.4		124.7		117.2		127.6
Effect of dilutive securities:
Nonparticipating unvested RSUs and RSAs	0.6		1.3		—		1.6

Diluted weighted average shares outstanding	117.0		126.0		117.2		129.2

Basic earnings per common share:
Income (loss) from continuing operations	$	0.21	$	0.39	$	(0.17)	$	0.91
Income (loss) from discontinued operations	—		—		—		(0.02)
Basic net income (loss) attributable to Trinity Industries, Inc.	$	0.21	$	0.39	$	(0.17)	$	0.89
Diluted earnings per common share:
Income (loss) from continuing operations	$	0.21	$	0.39	$	(0.17)	$	0.90
Income (loss) from discontinued operations	—		—		—		(0.02)
Diluted net income (loss) attributable to Trinity Industries, Inc.	$	0.21	$	0.39	$	(0.17)	$	0.88