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Basic and Diluted Income Per Common Share
3 Months Ended
Mar. 31, 2020
Earnings Per Share [Abstract]  
Basic and Diluted Income Per Common Share
21. Basic and Diluted Income Per Common Share

Earnings per share ("EPS") is calculated using the two-class method, which allocates earnings among common stock and participating securities to calculate EPS when an entity's capital structure includes either two or more classes of common stock or common stock and participating securities. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities. As such, shares of any unvested restricted stock of the Company are considered participating securities. The dilutive effect of options and their equivalents (including non-vested stock issued under stock-based compensation plans), is computed using the "treasury" method as this measurement was determined to be more dilutive between the two available methods in each period.

The Company had zero dilutive common share equivalents during the three months ended March 31, 2020 due to the results being a loss from continuing operations and discontinued operations, net of tax.

The following table presents a reconciliation of net income (loss) used in basic and diluted EPS calculations (in millions, except per share amounts):
Three Months Ended March 31,
 20202019
Amounts attributable to HC2 common and participating preferred stockholders
Loss from continuing operations$(41.0) $0.3  
Net loss attributable to noncontrolling interest and redeemable noncontrolling interest2.6  2.4  
Loss (income) from continuing operations attributable to the Company(38.4) 2.7  
Less: Preferred dividends, deemed dividends and repurchase gains0.4  (1.2) 
(Loss) income from continuing operations attributable to HC2 common stockholders(38.8) 3.9  
Loss from discontinued operations (including loss on disposal of $39.3 million)
(60.0) (6.6) 
Net loss attributable to noncontrolling interest and redeemable noncontrolling interest15.3  1.1  
Loss from discontinued operations, net of tax and noncontrolling interest$(44.7) $(5.5) 
Net loss attributable to common stock and participating preferred stockholders$(83.5) $(1.6) 
Earnings allocable to common shares:
Participating shares at end of period:
Weighted-average common stock outstanding45.9  44.8  
Unvested restricted stock—  0.4  
Preferred stock (as-converted basis)—  2.2  
Total45.9  47.4  
Percentage of (loss) income allocated to:
Common stock100.0 %94.5 %
Unvested restricted stock— %0.8 %
Preferred stock— %4.6 %
Numerator for earnings per share, basic:
Net (loss) income from continuing operations attributable to common stock, basic$(38.8) $3.7  
Net loss from discontinued operations attributable to common stock, basic and diluted$(44.7) $(5.2) 
Net loss attributable to common stock and participating preferred stockholders, basic and diluted$(83.5) $(1.5) 
Earnings allocable to common shares, diluted:
Numerator for earnings per share, diluted
Effect of assumed shares under treasury stock method for stock options and restricted shares and if-converted method for convertible instruments$—  $(1.6) 
Net (loss) income from continuing operations attributable to common stock, diluted$(38.8) $2.1  
Net (loss) income from discontinued operations attributable to common stock, diluted$(44.7) $(5.2) 
Net loss attributable to common stock and participating preferred stockholders, diluted$(83.5) $(3.1) 
Denominator for basic and dilutive earnings per share:
Weighted average common shares outstanding - basic45.9  44.8  
Effect of assumed shares under treasury stock method for stock options and restricted shares and if-converted method for convertible instruments—  14.9  
Weighted average common shares outstanding - diluted45.9  59.7  
(Loss) income per share - continuing operations
Basic:$(0.85) $0.08  
Diluted:$(0.85) $0.04  
Loss per share - Discontinued operations
Basic:$(0.97) $(0.12) 
Diluted:$(0.97) $(0.09) 
Loss per share - Net loss attributable to common stock and participating preferred stockholders
Basic:$(1.82) $(0.03) 
Diluted:$(1.82) $(0.05)