Loss Per Share

Basic loss per share is computed as net loss divided by the basic weighted average common shares outstanding of 47.4 million and 47.5 million for the three and six months ended June 30, 2016, respectively, and 47.9 million and 47.8 million shares for the three and six months ended June 30, 2015, respectively. The calculation of diluted earnings per share includes the effect of any dilutive equity incentive instruments. The Company uses the treasury stock method to calculate the effect of outstanding dilutive equity incentive instruments, which requires the Company to compute total proceeds as the sum of the following: (1) the amount the employee must pay upon exercise of the award; (2) the amount of unearned stock-based compensation costs attributable to future services; and (3) for the three and six months ended June 30, 2015, the amount of excess tax benefits, if any, that would be credited to additional paid-in capital, assuming exercise of the award. The calculation of total proceeds for the three and six months ended June 30, 2016, excludes the excess tax benefits as a result of the early prospective adoption of new accounting guidance related to share-based compensation during the second quarter of 2016, with retrospective application to January 1, 2016. See Note 21, "New Accounting Pronouncements," for further discussion of the adoption of the new accounting standard related to share-based compensation and its impacts to the condensed consolidated financial statements.

Equity incentive instruments for which the total employee proceeds from exercise exceed the average fair value of the same equity incentive instrument over the period have an anti-dilutive effect on earnings per share during periods with net earnings, and accordingly, the Company excludes them from the calculation. Due to the net loss incurred during the three and six months ended June 30, 2016 and 2015, the assumed exercise of all equity incentive instruments was anti-dilutive and, therefore, not included in the diluted loss per share calculation for those periods.

Reconciliations of the numerator and the denominator of the basic and diluted per share computations for the Company's common stock, for the three and six months ended June 30, 2016 and 2015, are summarized as follows:



	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
Numerator
Net loss	$	(7.7	)	$	(45.1	)	$	(3.9	)	$	(80.3	)

Denominator
Basic weighted average number of common shares outstanding for all classes of common shares	47.4			47.9			47.5			47.8
Plus: effect of dilutive equity incentive instruments	—			—			—			—
Diluted weighted average number of common shares outstanding for all classes of common shares	47.4			47.9			47.5			47.8

Loss per share
Basic and diluted	$	(0.16	)	$	(0.94	)	$	(0.08	)	$	(1.68	)

Cash dividends paid per common share for all classes of common shares	$	0.30		$	0.30		$	0.60		$	0.60