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EARNINGS PER SHARE | 3 Months Ended
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Mar. 31, 2018
Earnings Per Share [Abstract] |
EARNINGS PER SHARE | EARNINGS PER SHARE
(in millions, except per share data) | Three Months Ended March 31,
| 2018 |  | 2017
Income (loss) from continuing operations | $ | 47.6 |  |  | $ | (60.3 | )
Gain (loss) on disposition of discontinued operations–net of tax | 2.7 |  |  | 55.7 |
Net income (loss) | $ | 50.3 |  |  | $ | (4.6 | )
Basic shares: |  |  |  |
Weighted average shares outstanding | 79.7 |  |  | 105.2 |
Earnings (loss) per share – basic: |  |  |  |  |
Income (loss) from continuing operations | $ | 0.60 |  |  | $ | (0.57 | )
Gain (loss) on disposition of discontinued operations–net of tax | 0.03 |  |  | 0.53 |
Net income (loss) | $ | 0.63 |  |  | $ | (0.04 | )
Diluted shares: |  |  |  |  |
Weighted average shares outstanding - basic | 79.7 |  |  | 105.2 |
Effect of dilutive securities: |  |  |  |  |
Stock options and restricted stock awards | 2.0 |  |  | — |
Diluted weighted average shares outstanding | 81.7 |  |  | 105.2 |
Earnings (loss) per share – diluted: |  |  |  |  |
Income (loss) from continuing operations | $ | 0.59 |  |  | $ | (0.57 | )
Gain (loss) on disposition of discontinued operations–net of tax | 0.03 |  |  | 0.53 |
Net income (loss) | $ | 0.62 |  |  | $ | (0.04 | )
Weighted average options to purchase approximately 60 and 8,000 shares of the Company’s common stock, par value $0.01 per share (“Common Stock”), were outstanding during the three months ended March 31, 2018 and March 31, 2017, respectively, but were not included in the computation of diluted shares as the effect would be anti-dilutive. Weighted average restricted stock awards of 125,200 and 2,288,000 were outstanding during the three months ended March 31, 2018 and March 31, 2017, respectively, but were not included in the computation of diluted shares as the effect would be anti-dilutive or performance targets were not expected to be achieved for awards contingent upon performance. ASC 260, “Earnings per Share,” requires that employee stock options and non-vested restricted shares granted by the Company be treated as potential common shares outstanding in computing diluted earnings per share. Under the treasury stock method, the amount the employee must pay for exercising stock options and the amount of compensation cost for future services that the Company has not yet recognized are assumed to be used to repurchase shares.

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