Income (Loss) per Common Share

6 Months Ended

Jun. 30, 2023

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.

The Company has 1,360 shares of outstanding and exercisable stock options that have been excluded because they would be anti-dilutive. See Note 7 –Stock-Based Compensation for additional information on the stock options.

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)	2023			2022			2023			2022
Numerator:
Net loss available for common stockholders	$	(1.1	)	$	(0.7	)	$	(2.2	)	$	(1.5	)
Denominator:
Weighted average number of common shares outstanding during the period - basic and diluted (in thousands)		26.4			26.4			26.4			26.4
Net loss per common share – basic and diluted	$	(41.66	)	$	(26.52	)	$	(83.33	)	$	(56.82	)