Earnings Per Share Attributable to Common Stockholders

9 Months Ended

Sep. 30, 2023

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 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 weighted average number of shares of common stock outstanding, if the potentially dilutive securities had been issued.

Potentially dilutive securities include unvested PSUs, unvested RSUs, outstanding stock options and stock committed under the Employee Stock Purchase Plan ("2023 ESPP"), a plan implemented and approved by the Company on June 15, 2023. 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 weighted average 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 September 30,				Nine months ended September 30,
	2023		2022		2023		2022
Net income available to common stockholders	$	54.7	$	42.9	$	99.1	$	274.4

Denominator:
Basic weighted average share outstanding	182,148,717		110,838,237		161,724,677		110,750,021
Effect of dilutive securities:
Share units	875,477		641,284		655,762		496,273
Stock options and ESPP	577,407		730,014		536,154		611,801
Diluted average shares outstanding	183,601,601		112,209,535		162,916,593		111,858,095

Net income per share attributable to common shares:
Basic	$	0.30	$	0.39	$	0.61	$	2.48
Diluted	$	0.30	$	0.38	$	0.61	$	2.45