Earnings Per Share

6 Months Ended

Jun. 30, 2017

Basic and diluted earnings per share are computed using the two-class method, which is an earnings allocation method that determines earnings per share for common shares and participating securities. The participating securities consist of the Company's Series A Convertible Perpetual Preferred Stock. The undistributed earnings are allocated between common shares and participating securities as if all earnings had been distributed during the period. In periods of loss, no allocation is made to the preferred shares.



	Three Months Ended June 30,						Six Months Ended June 30,
(In millions, except per share data)	2017			2016			2017			2016
Basic earnings per common share
Net income attributable to XPO	$	51.9		$	46.6		$	73.2		$	24.1
Cumulative preferred dividends	(0.7		)	(0.7		)	(1.4		)	(1.5		)
Non-cash allocation of undistributed earnings	(3.6		)	(3.3		)	(4.7		)	(0.6		)
Net income allocable to common shares, basic	$	47.6		$	42.6		$	67.1		$	22.0

Basic weighted-average common shares	111.8			110.0			111.6			109.8
Basic earnings per share	$	0.43		$	0.39		$	0.60		$	0.20

Diluted earnings per common share
Net income allocable to common shares, basic	$	47.6		$	42.6		$	67.1		$	22.0
Interest from Convertible Senior Notes	0.3			0.3			0.7			—
Net income allocable to common shares, diluted	$	47.9		$	42.9		$	67.8		$	22.0

Basic weighted-average common shares	111.8			110.0			111.6			109.8
Dilutive effect of non-participating stock-based awards and Convertible Senior Notes	12.9			12.3			13.0			9.1
Diluted weighted-average common shares	124.7			122.3			124.6			118.9

Diluted earnings per share	$	0.38		$	0.35		$	0.54		$	0.19

Potential common shares excluded	10.2			11.1			10.2			14.9

Certain shares were not included in the computation of diluted earnings per share because the effect was anti-dilutive.