Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2021

EARNINGS (LOSS) PER SHARE

Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period, including vested restricted stock unit (“RSU”) awards. Diluted earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares outstanding, noted above, adjusted for the dilutive effect of stock options and unvested RSU awards. For the three months ended March 31, 2020, stock options and unvested RSU awards were not included in the computation of diluted loss per share because we reported a net loss from continuing operations for this period, and the effect of their inclusion would be anti-dilutive.

The following table presents the calculation of basic and diluted earnings (loss) per share:


	Three Months Ended
	March 31,
	2021		2020
Net income (loss) from continuing operations	$	239.5	$	(232.2)
Loss from discontinued operations, net of income taxes	(0.1)		(0.1)
Net income (loss)	$	239.4	$	(232.3)

Basic weighted average common shares outstanding	83.1		90.0
Dilutive effect of stock options and unvested RSUs	0.8		—
Diluted weighted average common shares outstanding	83.9		90.0

Basic earnings (loss) per share amounts(1):
Continuing operations	$	2.88	$	(2.58)
Discontinued operations	$	—	$	—
Net income (loss)	$	2.88	$	(2.58)

Diluted earnings (loss) per share amounts(1):
Continuing operations	$	2.85	$	(2.58)
Discontinued operations	$	—	$	—
Net income (loss)	$	2.85	$	(2.58)

(1) Earnings (loss) per share amounts are calculated discretely and, therefore, may not add up to the total due to rounding.

A summary of anti-dilutive equity instruments excluded from the computation of diluted earnings (loss) per share is as follows:


	Three Months Ended
	March 31,
	2021	2020
Anti-dilutive equity instruments excluded from the computation of diluted earnings (loss) per share	—	3.0