Earnings Per Common Share

3 Months Ended

Mar. 31, 2024

Basic net income attributable to Trinity Industries, Inc. per common share ("EPS") is computed by dividing net income attributable to Trinity 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 potentially dilutive common shares. The Company has certain unvested RSAs that participate in dividends on a nonforfeitable basis and are therefore considered to be participating securities. Consequently, diluted net income attributable to Trinity Industries, Inc. per common share is calculated under both the two-class method and the treasury stock method, and the more dilutive of the two calculations is presented.

The following table sets forth the computation of basic and diluted net income attributable to Trinity Industries, Inc.


	Three Months Ended March 31,
		2024		2023
		(in millions, except per share amounts)
Income from continuing operations		$	31.7	$	16.8
Less: Net income attributable to noncontrolling interest		(3.7)		(9.3)

Net income from continuing operations attributable to Trinity Industries, Inc.		28.0		7.5



Net loss from discontinued operations attributable to Trinity Industries, Inc.		(4.3)		(3.1)
Net income attributable to Trinity Industries, Inc.		$	23.7	$	4.4

Basic weighted average shares outstanding		81.6		80.8
Effect of dilutive securities		1.9		2.4
Diluted weighted average shares outstanding		83.5		83.2

Basic earnings per common share:
Income from continuing operations		$	0.34	$	0.09
Loss from discontinued operations		(0.05)		(0.04)
Basic net income attributable to Trinity Industries, Inc.		$	0.29	$	0.05
Diluted earnings per common share:
Income from continuing operations		$	0.33	$	0.09
Loss from discontinued operations		(0.05)		(0.04)
Diluted net income attributable to Trinity Industries, Inc.		$	0.28	$	0.05

Potentially dilutive securities excluded from EPS calculation:
Antidilutive restricted shares		0.2		0.1
Antidilutive stock options		—		—