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Earnings per Share
 12 Months Ended
Dec. 31, 2021
Earnings Per Share [Abstract]  
Earnings per Share

Note 13. 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 from continuing operations, share-based awards are excluded from the calculation of earnings per share as their inclusion would have an antidilutive effect.

During the years ended December 31, 2021, 2020 and 2019, 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 years ended December 31, 2021, 2020 and 2019 were as follows:

 

 

2021

 

 

2020

 

 

2019

 

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

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

$

0.04

 

 

$

(0.37

)

 

$

(0.07

)

Discontinued operations

$

0.01

 

 

 

1.73

 

 

 

(1.24

)

Net earnings (loss) attributable to RRD stockholders

$

0.05

 

 

$

1.36

 

 

$

(1.31

)

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

$

0.04

 

 

$

(0.37

)

 

$

(0.07

)

Discontinued operations

$

0.01

 

 

 

1.73

 

 

 

(1.24

)

Net earnings (loss) attributable to RRD stockholders

$

0.05

 

 

$

1.36

 

 

$

(1.31

)

 

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) from continuing operations

$

3.1

 

 

$

(26.4

)

 

$

(4.8

)

Net income (loss) from discontinued operations

$

0.6

 

 

 

124.9

 

 

 

(88.4

)

Net income (loss) attributable to RRD stockholders

$

3.7

 

 

$

98.5

 

 

$

(93.2

)

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted weighted average number of common shares outstanding

 

73.2

 

 

 

72.3

 

 

 

71.2

 

Dilutive options and awards

 

1.3

 

 

 

—

 

 

 

—

 

Diluted weighted average number of common shares outstanding

 

74.5

 

 

 

72.3

 

 

 

71.2

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

Stock options

 

0.2

 

 

 

0.3

 

 

 

0.5

 

Restricted stock units

 

—

 

 

 

1.1

 

 

 

1.0

 

Total

 

0.2

 

 

 

1.4

 

 

 

1.5

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared per common share

$

—

 

 

$

0.03

 

 

$

0.12