Earnings (Loss) Per Share

9 Months Ended

Oct. 02, 2022

The reconciliation of basic and diluted earnings (loss) per share on common stock for the third quarter and September year-to-date 2022 and 2021 follows (in millions of dollars except per share data):


	Third Quarter				September Year to Date
	2022		2021		2022		2021
Net earnings (loss)	$	(16.2)	$	34.8	$	(61.6)	$	84.4
Less: earnings allocated to participating securities	—		(0.4)		—		(0.8)
Net earnings (loss) available to common shareholders	$	(16.2)	$	34.4	$	(61.6)	$	83.6

Average shares outstanding (millions):
Basic	37.9		39.4		38.2		39.4
Dilutive share awards	—		0.1		—		0.1
Diluted	37.9		39.5		38.2		39.5

Basic earnings (loss) per share	$	(0.43)	$	0.87	$	(1.62)	$	2.12
Diluted earnings (loss) per share	$	(0.43)	$	0.87	$	(1.62)	$	2.12

Potentially dilutive shares outstanding are primarily related to deferred common stock related to the non-employee directors deferred compensation plan for the third quarter of 2021 and September year-to-date 2021. Due to our net loss in the third quarter of 2022 and September year-to-date 2022, potentially dilutive shares primarily related to deferred common stock associated with the non-employee directors deferred compensation plan of 0.2 million shares had an anti-dilutive effect on diluted earnings per share and were excluded from the computation for the third quarter of 2022 and September year-to-date 2022. Dividends paid per share for Class A and Class B common stock were $0.075 for the third quarter 2022, $0.20 for September year-to-date 2022 and $0.05 for the third quarter 2021 and September year-to-date 2021.