Schedule of Calculation of Basic Loss Per Common Share to Diluted Loss Per Common Share |
The following table presents a reconciliation of net income (loss) used in the basic and diluted EPS calculations (in millions, except shares and per share amounts):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2024 | | 2023 | | 2024 | | 2023 | Net income (loss) | | $ | 13.9 | | | $ | (11.7) | | | $ | (6.2) | | | $ | (19.7) | | Net loss attributable to non-controlling interest and redeemable non-controlling interest | | 0.5 | | | 1.8 | | | 3.2 | | | 0.8 | | Net income (loss) attributable to INNOVATE Corp. | | 14.4 | | | (9.9) | | | (3.0) | | | (18.9) | | Less: Preferred dividends | | 0.3 | | | 0.6 | | | 0.6 | | | 1.8 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net income (loss) attributable to common stockholders and participating preferred stockholders | | $ | 14.1 | | | $ | (10.5) | | | $ | (3.6) | | | $ | (20.7) | | | | | | | | | | | Earnings (loss) allocable to common shares: | | | | | | | | | Participating shares at end of period: | | | | | | | | | Weighted average common shares outstanding | | 89,204,850 | | | 77,922,241 | | | 83,929,228 | | | 77,806,010 | | Unvested restricted stock | | 1,122,921 | | | — | | | — | | | — | | Series C Preferred stock | | 36,530,623 | | | — | | | 19,050,241 | | | — | | Total | | 126,858,394 | | | 77,922,241 | | | 102,979,469 | | | 77,806,010 | | | | | | | | | | | Percentage of earnings (loss) allocated to: | | | | | | | | | Common stock | | 70.3 | % | | 100.0 | % | | 81.5 | % | | 100.0 | % | Unvested restricted stock | | 0.9 | % | | — | % | | — | % | | — | % | Series C Preferred stock | | 28.8 | % | | — | % | | 18.5 | % | | — | % | | | | | | | | | | Numerator for earnings (loss) per share | | | | | | | | | | | | | | | | | | | | | | | | | | | Net income (loss) attributable to common stock holders, basic | | $ | 9.9 | | | $ | (10.5) | | | $ | (2.9) | | | $ | (20.7) | | Effect of assumed shares under the if-converted method for preferred stock, convertible instruments and unvested restricted stock | | 4.9 | | | — | | | — | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net income (loss) attributable to common stock holders, diluted | | $ | 14.8 | | | $ | (10.5) | | | $ | (2.9) | | | $ | (20.7) | | | | | | | | | | | Denominator for earnings (loss) per share: | | | | | | | | | Weighted average common shares outstanding - basic | | 89,204,850 | | | 77,922,241 | | | 83,929,228 | | | 77,806,010 | | Effect of assumed shares under the if-converted method for preferred stock, convertible instruments and participating unvested restricted stock | | 55,052,702 | | | — | | | — | | | — | | Weighted average common shares outstanding - diluted | | 144,257,552 | | | 77,922,241 | | | 83,929,228 | | | 77,806,010 | | | | | | | | | | | Earnings (loss) per share | | | | | | | | | Basic | | $ | 0.11 | | | $ | (0.13) | | | $ | (0.03) | | | $ | (0.27) | | Diluted | | $ | 0.10 | | | $ | (0.13) | | | $ | (0.03) | | | $ | (0.27) | |
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