Earnings Per Share

12 Months Ended

Dec. 31, 2019

The calculation of Earnings per share (basic) is based on the weighted average number of shares of the Company’s common stock outstanding during the period. Earnings per share (diluted) is similar to Earnings per share (basic), but adjusts for the dilutive effect of the potential issuance of incremental shares of the Company’s common stock. The following is a reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings per share available to common stockholders:



	For the Years Ended December 31,
	2017		2018		2019
Numerator
Net income (controlling interest)	$	689.5	$	243.6	$	15.7
Interest expense on junior convertible securities, net of taxes	15.5		—		—
Net income (controlling interest), as adjusted	$	705.0	$	243.6	$	15.7
Denominator
Average shares outstanding (basic)	56.0		53.6		50.5
Effect of dilutive instruments:
Stock options and restricted stock units	0.4		0.2		0.1
Junior convertible securities	2.2		—		—
Average shares outstanding (diluted)	58.6		53.8		50.6

Average shares outstanding (diluted) in the table above excludes share-based awards that have not satisfied applicable performance conditions and the anti-dilutive effect of the following:



	For the Years Ended December 31,
	2017	2018	2019
Stock options and restricted stock units	0.1	0.2	2.6
Junior convertible securities	—	2.2	2.2

The Company may settle portions of its Affiliate equity purchases in shares of its common stock. Because it is the Company’s intention to settle these potential purchases in cash, the calculation of Average shares outstanding (diluted) excludes any potential dilutive effect from possible share settlements of Affiliate equity purchases.