Earnings (Loss) Per Share (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Basic and Diluted Net Income (Loss) Per Common Share

Basic and diluted net income (loss) per common share are calculated as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Basic EPS:
Net income (loss)	$	(29.5)	$	17.0	$	(20.5)	$	61.2
Less dividends on preferred shares (1)	—		—		—		(592.3)

Net income (loss) available/(allocated) to common shareholders - basic	$	(29.5)	$	17.0	$	(20.5)	$	(531.1)
Diluted EPS:
Net income (loss)	$	(29.5)	$	17.0	$	(20.5)	$	61.2
Less dividends on preferred shares (1)	—		—		—		(592.3)

Net income (loss) available/(allocated) to common shareholders - diluted	$	(29.5)	$	17.0	$	(20.5)	$	(531.1)
Basic weighted-average common shares	417,700,782		278,655,269		330,877,880		262,209,929
Add: Effect of dilutive equity awards	—		7,281,436		—		—
Add: Effect of dilutive warrants	—		34,680,381		—		—
Diluted weighted average common shares	417,700,782		320,617,086		330,877,880		262,209,929
Net income (loss) per common share (basic)	$	(0.07)	$	0.06	$	(0.06)	$	(2.03)
Net income (loss) per common share (diluted)	$	(0.07)	$	0.05	$	(0.06)	$	(2.03)

(1) The 2021 dividend on preferred shares includes amounts related to the conversion of the preferred shares. See Note 16 of the Company’s 2021 Form 10-K for more information.