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Earnings (Loss) per Share
12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Earnings (Loss) per Share

Note 11. Earnings (Loss) per Share

Basic earnings (loss) per share is calculated by dividing net earnings (loss) by the weighted average number of common shares outstanding for the period. In computing diluted earnings (loss) per share, basic earnings (loss) per share is adjusted for the assumed issuance of all potentially dilutive share-based awards, including stock options, RSUs, PSUs and restricted stock. Since the Company was in a net loss position for the year ended December 31, 2020, there was no difference between the number of shares used to calculate basic and diluted loss per share.

The reconciliation of the numerator and denominator of the basic and diluted earnings (loss) per share calculation and the anti-dilutive share-based awards for the years ended December 31, 2022, 2021 and 2020, were as follows:

 

 

Year Ended December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

Net earnings (loss) per share:

 

 

 

 

 

 

 

 

 

Basic

 

$

3.33

 

 

$

4.36

 

 

$

(0.76

)

Diluted

 

 

3.17

 

 

 

4.14

 

 

 

(0.76

)

Numerator:

 

 

 

 

 

 

 

 

 

Net earnings (loss)

 

$

102.5

 

 

$

145.9

 

 

$

(25.9

)

Denominator:

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding

 

 

30.8

 

 

 

33.5

 

 

 

33.9

 

Dilutive awards

 

 

1.5

 

 

 

1.7

 

 

 

 

Diluted weighted average number of common shares outstanding

 

 

32.3

 

 

 

35.2

 

 

 

33.9

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of anti-dilutive share-based awards:

 

 

 

 

 

 

 

 

 

Restricted stock units

 

 

 

 

 

 

 

 

0.4

 

Stock options

 

 

 

 

 

 

 

 

0.8

 

Total

 

 

 

 

 

 

 

 

1.2