Income (Loss) per Common Share

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Income (Loss) per Common Share

Note 3 —Income (Loss) per Common Share

Basic income per common share is calculated using the weighted average number of shares outstanding for the period. Unvested restricted stock and treasury shares are excluded from the calculation of weighted average number of common shares outstanding in all cases. Once restricted stock vests, it is included in our common shares outstanding.

Diluted income per common share is computed on the basis of the weighted average shares outstanding plus the dilutive effect of our stock-based compensation plans, using the “treasury stock” method. Since the exercise price of our stock options is greater than the average market price of the Company’s common stock for the period, we did not include dilutive common equivalent shares for these instruments in the computation of diluted net income per share because the effect would have been anti-dilutive.

The following table sets forth the computation of weighted average basic and diluted income per share (unaudited):

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(Dollars in millions, except for per share amounts)	2022			2021			2022			2021
Numerator:
Income (loss) from continuing operations	$	(0.7	)	$	12.0		$	(1.5	)	$	9.8
Loss from discontinued operations		—			(0.3	)		—			(0.3	)
Net income (loss)	$	(0.7	)	$	11.7		$	(1.5	)	$	9.5
Denominator:
Weighted average number of common shares outstanding during the period - basic and diluted (in thousands)		26.4			25.2			26.4			25.2
Income (loss) per common share — basic and diluted:
Continuing operations	$	(26.52	)	$	476.19		$	(56.82	)	$	388.88
Discontinued operations		—			(11.90	)		—			(11.90	)
Net income (loss)	$	(26.52	)	$	464.29	)	$	(56.82	)	$	(376.98	)
Anti-dilutive shares excluded from calculation		0.0			0.0			0.0			0.0