Earnings Per Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

EARNINGS PER SHARE

NOTE 20 — EARNINGS PER SHARE

Basic earnings per share (“EPS”) is calculated by dividing net income by the weighted-average number of shares outstanding during the period. Diluted earnings per share is calculated by dividing net income by the weighted-average number of common shares outstanding, after giving effect to all dilutive potential common shares outstanding during the period. We include all common shares granted under our stock-based compensation plan which remain unvested (“restricted stock units”), in the number of shares outstanding for our diluted EPS calculations using the treasury method.

Basic and diluted EPS for the year ended December 31, 2022, 2021 and 2020 were calculated as follows:

	Year Ended December 31,
	2022		2021			2020
Basic net loss per share
Net income (loss) available to common stockholders	$	6.3	$	(23.4	)	$	(24.0	)
Basic weighted average common shares outstanding		32,099,247		31,706,329			26,612,982
Basic net loss per share of common stock	$	0.20	$	(0.74	)	$	(0.90	)
Diluted loss per share
Net income (loss) available to common stockholders	$	6.3	$	(23.4	)	$	(24.0	)
Basic weighted average common shares outstanding		32,099,247		31,706,329			26,612,982
Effect of dilutive securities:
Effect of dilutive non-vested restricted stock units		202,416		—			—
Diluted weighted average common shares outstanding		32,301,663		31,706,329			26,612,982
Diluted net loss per share of common stock	$	0.20	$	(0.74	)	$	(0.90	)

Securities excluded from the calculation of diluted loss per share were approximately 174,000 and 90,000 for the years ended December 31, 2021 and 2020, respectively, because the inclusion of such securities in the calculation would have been anti-dilutive.