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Earnings Per Common Share | 9 Months Ended
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Sep. 30, 2023
Earnings Per Share [Abstract] |
Earnings Per Common Share | Earnings Per Common Share 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 September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
| (in millions, except per share amounts)
Income from continuing operations | $ | 26.3 |  |  | $ | 29.7 |  |  | $ | 66.6 |  |  | $ | 56.1 |
Less: Net income attributable to noncontrolling interest | (1.8) |  |  | (0.5) |  |  | (15.3) |  |  | (7.9) |
Net income from continuing operations attributable to Trinity Industries, Inc. | 24.5 |  |  | 29.2 |  |  | 51.3 |  |  | 48.2 |
Loss from discontinued operations, net of income taxes | (2.7) |  |  | (3.4) |  |  | (8.1) |  |  | (13.7) |
Loss on sale of discontinued operations, net of income taxes | — |  |  | — |  |  | — |  |  | (5.7) |
Net loss from discontinued operations attributable to Trinity Industries, Inc. | (2.7) |  |  | (3.4) |  |  | (8.1) |  |  | (19.4) |
Net income attributable to Trinity Industries, Inc. | $ | 21.8 |  |  | $ | 25.8 |  |  | $ | 43.2 |  |  | $ | 28.8 |
Basic weighted average shares outstanding | 81.6 |  |  | 81.7 |  |  | 81.2 |  |  | 82.3 |
Effect of dilutive securities | 1.9 |  |  | 1.6 |  |  | 2.3 |  |  | 2.1 |
Diluted weighted average shares outstanding | 83.5 |  |  | 83.3 |  |  | 83.5 |  |  | 84.4 |
Basic earnings per common share: |  |  |  |  |  |  |
Income from continuing operations | $ | 0.30 |  |  | $ | 0.36 |  |  | $ | 0.63 |  |  | $ | 0.59 |
Loss from discontinued operations | (0.03) |  |  | (0.04) |  |  | (0.10) |  |  | (0.24) |
Basic net income attributable to Trinity Industries, Inc. | $ | 0.27 |  |  | $ | 0.32 |  |  | $ | 0.53 |  |  | $ | 0.35 |
Diluted earnings per common share: |  |  |  |  |  |  |
Income from continuing operations | $ | 0.29 |  |  | $ | 0.35 |  |  | $ | 0.62 |  |  | $ | 0.57 |
Loss from discontinued operations | (0.03) |  |  | (0.04) |  |  | (0.10) |  |  | (0.23) |
Diluted net income attributable to Trinity Industries, Inc. | $ | 0.26 |  |  | $ | 0.31 |  |  | $ | 0.52 |  |  | $ | 0.34 |
Potentially dilutive securities excluded from EPS calculation: |  |  |  |  |  |  |
Antidilutive restricted shares | 0.1 |  |  | 0.3 |  |  | 0.1 |  |  | 0.1 |
Antidilutive stock options | — |  |  | — |  |  | — |  |  | — |

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