Net (Loss) Income Per Common Share

9 Months Ended

Sep. 30, 2019

Earnings Per Share [Abstract]

Net (Loss) Income Per Common Share

Net (Loss) Income Per Common Share

The following table presents the calculation of net (loss) income per common share on a basic and diluted basis:

	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
(in millions, except number of shares and per share amounts)	2019			2018		2019		2018
Net (loss) income	$	(25.1	)	$	40.6	$	94.9	$	107.2
Weighted average common shares outstanding - basic	34,299,999			33,956,695		34,161,016		33,921,632
Effect of dilutive securities:
Equity compensation awards	—			699,633		608,606		767,211
Weighted average common shares outstanding - diluted	34,299,999			34,656,328		34,769,622		34,688,843
Net (loss) income per common share:
Basic	$	(0.73	)	$	1.20	$	2.78	$	3.16
Diluted	$	(0.73	)	$	1.17	$	2.73	$	3.09

Excluded from the weighted average common shares outstanding calculation at September 30, 2019 and 2018 are 11,315,889 shares and 11,285,996 shares, respectively, which are held as treasury shares. The shares are excluded as of their repurchase date. For the three months ended September 30, 2019, 489,376 shares were not included in the calculation of diluted net loss per common share as these instruments were anti-dilutive. For the nine months ended September 30, 2019, 2,331 shares were not included in the calculation of diluted net income per common share as these instruments were anti-dilutive. For the three and nine months ended September 30, 2018, there were no equity compensation awards with an anti-dilutive effect.