Earnings Per Share (Notes)

6 Months Ended

Jun. 30, 2016

Earnings Per Share

Basic earnings per share represents income available to common stockholders divided by the weighted average number of common shares outstanding during the reported period. Diluted earnings per share reflects the effect of the increase in shares outstanding determined by using the treasury stock method for awards issued under our long-term incentive stock plans.

For the three and six months ended June 30, 2016, there were less than 0.1 million anti-dilutive stock-based awards outstanding. In addition, there were 6.5 million contingently issuable stock-based awards outstanding that were excluded from the diluted earnings per share calculation because the contingencies had not been met. As of June 30, 2015, there were 3.9 million anti-dilutive stock-based awards outstanding. These awards were anti-dilutive because we reported a net loss in each period. In addition, there were 6.5 million contingently issuable market-based stock awards outstanding that were excluded from the diluted earnings per share calculation because the contingencies had not been met.

Basic and diluted weighted average shares outstanding and earnings per share were as follows:



(in millions, except per share data)	Three Months Ended June 30, 2016		Three Months Ended June 30, 2015			Six Months Ended June 30, 2016		Six Months Ended June 30, 2015

Earnings per share - basic
Earnings available to common shareholders	$	17.3	$	(2.6	)	$	29.9	$	(9.2	)
Weighted average basic shares outstanding	182.5		148.5			182.4		148.2
Earnings per share - basic	$	0.09	$	(0.02	)	$	0.16	$	(0.06	)

Earnings per share - diluted
Earnings available to common shareholders	$	17.3	$	(2.6	)	$	29.9	$	(9.2	)

Weighted average basic shares outstanding	182.5		148.5			182.4		148.2
Dilutive impact of stock based awards	1.9		—			1.8		—
Weighted average dilutive shares outstanding	184.4		148.5			184.2		148.2
Earnings per share - diluted	$	0.09	$	(0.02	)	$	0.16	$	(0.06	)