Stockholders' Equity

12 Months Ended

Dec. 31, 2021

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

Earnings Per Common Share

Basic earnings (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted earnings (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period, adjusted for the potential dilutive effect of our outstanding stock options, RSUs, and shares issuable under the ESPP, as if they were vested and exercised.

The components of basic and diluted earnings (loss) per common share comprised the following (in millions, except per share amounts):

	Year Ended December 31,
	2021		2020		2019
Numerator:
Net income (loss)	$	475.8	$	514.8	$	(104.5)
Denominator:
Weighted average outstanding shares — basic	44.9		44.2		43.8
Effect of dilutive securities(1):
Stock options, RSUs, and employee stock purchase plan	2.4		0.4		—
Weighted average shares — diluted(2)	47.3		44.6		43.8
Net income (loss) per common share:
Basic	$	10.60	$	11.65	$	(2.39)
Diluted	$	10.06	$	11.54	$	(2.39)
Stock options and RSUs excluded from calculation(2)	0.1		6.6		7.2

(1)Calculated using the treasury stock method.

(2)The common shares underlying certain stock options and RSUs have been excluded from the computation of diluted earnings per share because their impact would be anti-dilutive. For the year ended December 31, 2019, we had a net loss, and as such, all outstanding stock options, RSUs, and shares issuable under the ESPP were excluded from our calculation of diluted earnings per share.

Accumulated Other Comprehensive Loss

The following table includes changes in accumulated other comprehensive loss by component, net of tax (in millions):

	Defined Benefit Pension Plan(1)		Foreign Currency Translation Losses		Unrealized Gains and (Losses) on Available-for-Sale Securities		Total
Balance, January 1, 2021	$	(6.7)	$	(17.9)	$	10.4	$	(14.2)
Other comprehensive (loss) income before reclassifications	5.6		—		(15.0)		(9.4)
Amounts reclassified from accumulated other comprehensive loss	0.6		—		—		0.6
Net current-period other comprehensive (loss) income	6.2		—		(15.0)		(8.8)
Balance, December 31, 2021	$	(0.5)	$	(17.9)	$	(4.6)	$	(23.0)

	Defined Benefit Pension Plan(1)		Foreign Currency Translation Losses		Unrealized Gains and (Losses) on Available-for-Sale Securities		Total
Balance, January 1, 2020	$	—	$	(17.9)	$	3.7	$	(14.2)
Other comprehensive (loss) income before reclassifications	(8.0)		—		6.7		(1.3)
Amounts reclassified from accumulated other comprehensive loss	1.3		—		—		1.3
Net current-period other comprehensive (loss) income	(6.7)		—		6.7		—
Balance, December 31, 2020	$	(6.7)	$	(17.9)	$	10.4	$	(14.2)

(1)Refer to Note 11—Employee Benefit Plans—Supplemental Executive Retirement Plan, which identifies the captions within our consolidated statements of operations where reclassification adjustments were recognized and their associated tax impact.