EARNINGS (LOSS) PER COMMON SHARE

9 Months Ended

Sep. 30, 2023

Basic earnings (loss) per share is computed by dividing Net income (loss) by the number of weighted average common shares outstanding during the reporting period. Diluted earnings (loss) per share is calculated to give effect to all potentially dilutive common shares that were outstanding during the reporting period, only in the periods in which such effect is dilutive.

The following table shows the effect of stock-based awards on the weighted average number of shares outstanding used in calculating diluted earnings (loss) per share:


In millions of shares
	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Weighted average common shares outstanding - basic	92.5	92.2	92.4	92.1
Incremental shares outstanding related to stock-based awards (1)	0.4	0.2	—	0.3
Weighted average common shares outstanding - diluted	92.9	92.4	92.4	92.4

(1)In periods of net loss, stock-based awards are anti-dilutive and therefore excluded from the loss per share calculation.

Anti-dilutive stock-based awards excluded from the computation of diluted earnings (loss) per share using the treasury stock method include the following:


In thousands of shares
	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Option awards	711	1,153	780	1,297
RSU awards	98	397	1	115

PSUs are offered to key employees and are subject to achievement of specified performance conditions. Contingently issuable shares are excluded from the computation of diluted earnings (loss) per share based on current period results. The shares would not be issuable if the end of the quarter were the end of the contingency period. If such goals are not met, no compensation expense is recognized, and any previously recognized compensation expense is reversed.