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Basic and Diluted Earnings (Loss) Per Common Share (Tables)
6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
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,
 2024202320242023
Net income (loss)$13.9 $(11.7)$(6.2)$(19.7)
Net loss attributable to non-controlling interest and redeemable non-controlling interest0.5 1.8 3.2 0.8 
Net income (loss) attributable to INNOVATE Corp.14.4 (9.9)(3.0)(18.9)
Less: Preferred dividends0.3 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 stock1,122,921 — — — 
Series C Preferred stock
36,530,623 — 19,050,241 — 
Total126,858,394 77,922,241 102,979,469 77,806,010 
Percentage of earnings (loss) allocated to:
Common stock70.3 %100.0 %81.5 %100.0 %
Unvested restricted stock0.9 %— %— %— %
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)