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Earnings per Share
 9 Months Ended
Sep. 30, 2021
Earnings Per Share [Abstract]  
Earnings per Share

11. Earnings per Share

Basic earnings per share is calculated by dividing net earnings attributable to RRD common stockholders by the weighted average number of common shares outstanding for the period. In computing diluted earnings per share, basic earnings per share is adjusted for the assumed issuance of all potentially dilutive share-based awards, including stock options, restricted stock units and performance share units. Performance share units are excluded if the performance targets upon which the issuance of the shares is contingent have not been achieved and the respective performance period has not been completed as of the end of the current period. Additionally, stock options are considered anti-dilutive when the exercise price exceeds the average market value of our stock price during the applicable period. In periods when we are in a net loss, share-based awards are excluded from the calculation of earnings per share as their inclusion would have an anti-dilutive effect.

During the nine months ended September 30, 2021 and 2020, no shares of common stock were purchased by us; however, shares were withheld for tax liabilities upon the vesting of equity awards.

The reconciliation of the numerator and denominator of the basic and diluted earnings per share calculation and the anti-dilutive share-based awards for the three and nine months ended September 30, 2021 and 2020 were as follows:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2021

 

 

2020

 

 

 

2021

 

 

 

2020

 

Basic net earnings (loss) per share attributable to RRD common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

0.39

 

 

$

(0.13

)

 

$

0.23

 

 

$

(0.83

)

Discontinued operations

 

$

—

 

 

$

0.01

 

 

$

0.01

 

 

$

(0.27

)

Net earnings (loss) attributable to RR Donnelley stockholders

 

$

0.39

 

 

$

(0.12

)

 

$

0.24

 

 

$

(1.10

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted net earnings (loss) per share attributable to RRD common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

0.38

 

 

$

(0.13

)

 

$

0.23

 

 

$

(0.83

)

Discontinued operations

 

$

—

 

 

$

0.01

 

 

$

0.01

 

 

$

(0.27

)

Net earnings (loss) attributable to RR Donnelley stockholders

 

$

0.38

 

 

$

(0.12

)

 

$

0.24

 

 

$

(1.10

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings (loss) attributable to RRD common stockholders - continuing operations

 

$

28.3

 

 

$

(9.3

)

 

$

17.0

 

 

$

(59.6

)

Net earnings (loss) from discontinued operations, net of income taxes

 

 

—

 

 

 

0.4

 

 

 

0.6

 

 

 

(19.5

)

Net earnings (loss) attributable to RRD common stockholders

 

$

28.3

 

 

$

(8.9

)

 

$

17.6

 

 

$

(79.1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average number of common shares outstanding

 

 

73.4

 

 

 

72.4

 

 

 

73.1

 

 

 

72.1

 

Dilutive options and awards

 

 

0.7

 

 

 

—

 

 

 

0.9

 

 

 

—

 

Diluted weighted average number of common shares outstanding

 

 

74.1

 

 

 

72.4

 

 

 

74.0

 

 

 

72.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock options

 

 

0.2

 

 

 

0.3

 

 

 

0.2

 

 

 

0.3

 

Restricted stock units

 

 

—

 

 

 

1.5

 

 

 

—

 

 

 

1.1

 

Total

 

 

0.2

 

 

 

1.8

 

 

 

0.2

 

 

 

1.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared per common share

 

$

—

 

 

$

—

 

 

$

—

 

 

$

0.03