Note 14. Earnings Per Common Share

12 Months Ended

Dec. 31, 2020

Earnings Per Common Share [Abstract]

Note 14. Earnings Per Common Share

Basic net income (loss) attributable to Trinity Industries, Inc. per common share ("EPS") is computed by dividing net income (loss) 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 1) the net impact of unvested RSAs and RSUs and 2) with respect to the year ended December 31, 2018, the dilutive impact of our then-outstanding convertible notes due 2036 (the "Convertible Notes"), which were converted and settled in cash during the second quarter of 2018. See Note 11 of our 2018 Annual Report on Form 10-K for further information regarding the settlement of the Convertible Notes. Total weighted average restricted shares were 4.5 million, 5.5 million, and 5.8 million shares for the years ended December 31, 2020, 2019, and 2018, respectively. There were no restricted shares and stock options included in the computation of diluted earnings per common share for the year ended December 31, 2020 as we incurred a loss for the period, and any effect on loss per common share would have been antidilutive. Approximately 0.2 million of these restricted shares were excluded from the EPS calculation for the year ended December 31 2019, as their effect would have been antidilutive. There were no antidilutive restricted shares for the year ended December 31, 2018.

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


	Year Ended December 31,
	2020		2019		2018
	(in millions, except per share amounts)
Income (loss) from continuing operations	$	(226.1)	$	139.2	$	109.0
Less: Net (income) loss attributable to noncontrolling interest	78.9		1.5		(3.8)
Unvested restricted share participation — continuing operations	—		(1.8)		(2.2)
Net income (loss) from continuing operations attributable to Trinity Industries, Inc.	(147.2)		138.9		103.0
Net income (loss) from discontinued operations, net of income taxes	(0.1)		(3.1)		54.1
Unvested restricted share participation — discontinued operations	—		—		(0.6)
Net income (loss) from discontinued operations attributable to Trinity Industries, Inc.	(0.1)		(3.1)		53.5
Net income (loss) attributable to Trinity Industries, Inc., including the effect of unvested restricted share participation	$	(147.3)	$	135.8	$	156.5

Basic weighted average shares outstanding	115.9		125.6		144.0
Effect of dilutive securities:
Nonparticipating unvested RSUs and RSAs	—		1.7		1.0
Convertible subordinated notes	—		—		1.4
Diluted weighted average shares outstanding	115.9		127.3		146.4

Basic earnings per common share:
Income (loss) from continuing operations	$	(1.27)	$	1.11	$	0.72
Income (loss) from discontinued operations	—		(0.02)		0.37
Basic net income (loss) attributable to Trinity Industries, Inc.	$	(1.27)	$	1.09	$	1.09
Diluted earnings per common share:
Income (loss) from continuing operations	$	(1.27)	$	1.09	$	0.70
Income (loss) from discontinued operations	—		(0.02)		0.37
Diluted net income (loss) attributable to Trinity Industries, Inc.	$	(1.27)	$	1.07	$	1.07