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Net (Loss) Income Per Share
6 Months Ended
Jun. 30, 2020
Earnings Per Share [Abstract]  
Net (Loss) Income Per Share

12. Net (Loss) Income Per Share

Basic net (loss) income per share is computed by dividing distributed and undistributed net (loss) income 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 (loss) income per share was calculated under the treasury stock method for the quarters and six months ended June 30, 2020 and June 30, 2019, which in both periods was more dilutive than the two-class method.

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

 

 

 

Quarter Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income

 

$

(6.6

)

 

$

19.2

 

 

$

22.5

 

 

$

47.2

 

Denominator – Weighted-average common shares outstanding (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

15,781

 

 

 

16,063

 

 

 

15,809

 

 

 

16,085

 

Add: dilutive effect of non-vested common shares, restricted stock units and performance shares1

 

 

 

 

 

177

 

 

 

120

 

 

 

213

 

Diluted

 

 

15,781

 

 

 

16,240

 

 

 

15,929

 

 

 

16,298

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income per common share, Basic:

 

$

(0.41

)

 

$

1.19

 

 

$

1.42

 

 

$

2.93

 

Net (loss) income per common share, Diluted:

 

$

(0.41

)

 

$

1.18

 

 

$

1.41

 

 

$

2.89

 

 

1

Quantities in the following discussion are denoted in whole shares. For the quarter ended June 30, 2020, approximately 71,000 potentially dilutive shares were excluded from the computation of net loss per share as their effect would have been anti-dilutive. During the six months ended June 30, 2020, approximately 38,000 shares were excluded from the weighted-average diluted shares computation as their inclusion would have been anti-dilutive. During the quarter and six months ended June 30, 2019, approximately 9,000 and 5,000 shares, respectively, were excluded from the weighted-average diluted shares computation as their inclusion would have been anti-dilutive.