Net Income (Loss) Per Common Share

6 Months Ended

Jun. 30, 2021

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


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(in millions, except number of shares and per share amounts)	2021		2020		2021		2020
Net income (loss)	$	69.8	$	(5.4)	$	99.6	$	(30.1)
Less: Preferred share dividends	2.7		—		5.3		—
Net income (loss) attributable to common shareholders	67.1		(5.4)		94.3		(30.1)
Weighted average common shares outstanding - basic	34,820,649		34,634,353		34,766,948		34,551,935
Effect of dilutive securities:
Equity compensation awards	192,131		—		216,856		—
Weighted average common shares outstanding - diluted	35,012,780		34,634,353		34,983,804		34,551,935
Net income (loss) per common share:
Basic	$	1.93	$	(0.16)	$	2.72	$	(0.87)
Diluted	$	1.92	$	(0.16)	$	2.70	$	(0.87)

Excluded from the weighted average common shares outstanding calculation at June 30, 2021 and 2020 are 11,315,889 shares, which are held as treasury shares. The shares are excluded as of their repurchase date. There were 36,219 and 48,272 weighted average shares excluded from the computation of diluted net income per common share because they were anti-dilutive for the three and six months ended June 30, 2021, respectively. Due to the net loss incurred for the three and six months ended June 30, 2020, all of the potentially dilutive securities were anti-dilutive, and therefore, omitted from the calculation.