Net Income (Loss) Per Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

10. Net Income (Loss) Per Share

Basic net income (loss) per share is computed by dividing distributed and undistributed net income (loss) allocable to common shares by the weighted-average number of common shares outstanding during the applicable period. The basic weighted-average number of common shares outstanding during the period excludes non-vested share-based payment awards. Diluted net income (loss) per share was calculated under the treasury stock method for the quarters and nine months ended September 30, 2022 and September 30, 2021, which in both periods was more dilutive than the two-class method.

The following table sets forth the computation of basic and diluted net income (loss) per share (in millions of dollars, except share and per share amounts):

	Quarter Ended September 30,					Nine Months Ended September 30,
	2022		2021			2022			2021
Numerator:
Net income (loss)	$	2.5	$	(2.3	)	$	(3.2	)	$	(20.2	)
Denominator – Weighted-average common shares outstanding (in thousands):
Basic		15,926		15,852			15,897			15,831
Add: dilutive effect of non-vested common shares, restricted stock units and performance shares1		103		—			—			—
Diluted		16,029		15,852			15,897			15,831
Net income (loss) per common share, Basic:	$	0.16	$	(0.14	)	$	(0.20	)	$	(1.28	)
Net income (loss) per common share, Diluted:	$	0.16	$	(0.14	)	$	(0.20	)	$	(1.28	)

1Quantities in the following discussion are denoted in whole shares. For the quarter ended September 30, 2022, approximately 36,000 shares were excluded from the weighted-average diluted shares computation as their inclusion would have been anti‑dilutive. For the quarter ended September 30, 2021 and the nine months ended September 30, 2022 and September 30, 2021, approximately 210,000, 141,000 and 198,000 shares, respectively, were excluded from the computation of net loss per share as their inclusion would have been anti‑dilutive.