Earnings/(Loss) Per Share

12 Months Ended

Dec. 31, 2021

Earnings/(loss) per common share ("EPS") is computed by dividing net (loss)/income by the weighted average number of common shares outstanding during the period on a basic and diluted basis.

Our potentially dilutive securities include potential common shares related to our stock options, restricted stock units and 2025 Notes. Diluted earnings/(loss) per share (“Diluted EPS”) considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect. Diluted EPS excludes the impact of potential common shares related to our stock options in periods in which the option exercise price is greater than the average market price of our common stock for the period. We use the if-converted method when calculating the potential dilutive effect of our 2025 Notes.

Earnings/(loss) applicable to common stock and common stock shares used in the calculation of basic and diluted (loss)/earnings per share are as follows:


(in Millions, Except Per Share Data)	Year Ended December 31,
	2021		2020 (1)		2019
Numerator:
Net income/(loss)	$	0.6	$	(16.3)	$	50.2
Adjustment for interest on 2025 Notes, net of tax (2)	0.2		—		—
Net income/(loss) after assumed conversion of 2025 Notes	$	0.8	$	(16.3)	$	50.2

Denominator:
Weighted average common shares outstanding - basic	154.7		146.2		146.0
Dilutive share equivalents from share-based plans	1.5		—		0.4
Dilutive share equivalents from 2025 Notes	28.1		—		—
Weighted average common shares outstanding - diluted	184.3		146.2		146.4

Basic earnings/(loss) per common share:


Net income/(loss) per weighted average share - basic	$	—	$	(0.11)	$	0.34
Diluted earnings/(loss) per common share:
Net income/(loss) per weighted average share - diluted	$	—	$	(0.11)	$	0.34

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1.As adjusted for the adoption of ASU 2020-06 using the full retrospective method.

2.For the years ended December 31, 2021 and 2020, $11.4 million and $5.7 million of interest for the 2025 Notes was capitalized, respectively.

The following table presents weighted average share equivalents associated with share-based plans and the 2025 Notes that were excluded from the diluted shares outstanding calculation because the result would have been antidilutive. The 2025 Notes are further discussed in Note 11.


(in Millions)	Year Ended December 31,
	2021	2020	2019
Share equivalents from share-based plans	—	0.7	—
Share equivalents from 2025 Notes	—	14.6	—
Total antidilutive weighted average share equivalents	—	15.3	—

Anti-dilutive stock options

For the year ended December 31, 2021, none of the outstanding options to purchase shares of our common stock were anti-dilutive. For the years ended December 31, 2020 and 2019, options to purchase 1,684,731 shares of our common stock at an average exercise price of $13.13 per share and 1,127,253 shares of our common stock at an average exercise price of $14.43 per share, respectively, were anti-dilutive and not included in the computation of diluted earnings per share because the exercise price of the options was greater than the average market price of the common stock for the full year.