Earnings per Common Share

9 Months Ended

Sep. 30, 2023

Earnings per Common Share

Earnings per Common Share

Note 10. Earnings per Common Share

Basic earnings or loss per share attributable to the Company’s common stockholders is computed by dividing net income or loss attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings or loss per share attributable to common stockholders presents the dilutive effect, if any, on a per share basis of potential common shares (such as restricted stock units) as if they had been vested or converted during the periods presented.  No such items were included in the computation of diluted loss or earnings per share for the three and nine months ended September 30, 2023 because the Company incurred a net loss and the effect of inclusion would have been anti-dilutive.

	Three months ended				Nine months ended
	September 30,				September 30,
	2023		2022		2023		2022
	(in millions, except share data)
Net (loss) income	$	(104.5)	$	0.5	$	(244.2)	$	10.2
Basic weighted-average shares		80,888,537		84,274,050		81,797,740		83,908,691
Effect of dilutive securities:
Restricted stock awards		—		2,461,196		—		2,763,184
Diluted weighted-average shares		80,888,537		86,735,246		81,797,740		86,671,875
Basic and diluted (loss) earnings per common share
Basic	$	(1.29)	$	0.01	$	(2.99)	$	0.12
Diluted	$	(1.29)	$	0.01	$	(2.99)	$	0.12

The dilutive effect of the potential common shares from the performance shares is included in diluted earnings per share upon the satisfaction of certain performance and market conditions. These conditions are evaluated at each reporting period and if the conditions have been satisfied during the reporting period, the number of contingently issuable shares are included in the computation of diluted earnings per share. As of September 30, 2023, the Company determined the performance conditions were not yet achieved; however, the market conditions indicated a certain level of achievement within the payout range. Therefore, the contingently issuable performance shares associated with the market condition are included in the computation of diluted earnings per share, if they have a dilutive effect on earnings per share.