Earnings Per Share Attributable to Common Stockholders

3 Months Ended

Mar. 31, 2023

Earnings Per Share Attributable to Common Stockholders

Earnings Per Share Attributable to Common Stockholders

10.    Earnings Per Share Attributable to Common Stockholders

Basic EPS attributable to common stockholders has been calculated by dividing the net income available to common stockholders by the weighted average (“WA”) number of common shares outstanding during the period. Diluted EPS attributable to common stockholders was calculated by dividing the net income available to common stockholders by the WA number of shares of common stock outstanding, if the potentially dilutive securities had been issued.

Potentially dilutive securities include unvested Performance Share Units (“PSUs”), unvested Restricted Share Units (“RSUs”), and outstanding stock options. The dilutive effect of potentially dilutive securities is reflected in diluted EPS by application of the treasury stock method. Under the treasury stock method, an increase in the fair market value of the Company’s common stock can result in a greater dilutive effect from potentially dilutive securities.

The WA shares outstanding used to calculate basic and diluted EPS attributable to common stockholders were not adjusted for the potential common shares to be issued to settle the cumulative dividend payments and allocated earnings attributable to the Series A Senior Preferred Shares as such amounts are expected to be cash settled at the Company’s election.

	Three months ended
	March 31,
	2023		2022
Net (loss) income available to common stockholders	$	(34.2)	$	178.1
Denominator:
Basic weighted average share outstanding		120,487,251		110,647,700
Effect of dilutive securities:
Share units		—		450,259
Stock options		—		557,902
Diluted average shares outstanding		120,487,251		111,655,861
Net (loss) income per share attributable to common shares:
Basic	$	(0.28)	$	1.61
Diluted	$	(0.28)	$	1.60

The following effect of dilutive securities is presented based on the amounts outstanding at period end, which were excluded from the computation of diluted net (loss) per share for the three months ended March 31, 2023 because the impact of including them would have been anti-dilutive.

	Three months ended
	March 31,
	2023		2022
Share units		631,409	—
Stock options		541,082	—
Preferred stock (as converted to common stock)		6,775,252	—
Total		7,947,743	—