Net Income (Loss) Per Share

9 Months Ended

Sep. 30, 2021

Net income (loss) per share was calculated as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions, except per share data)	2021		2020		2021		2020
Net income (loss) - basic and diluted	$	22.5	$	(57.6)	$	96.9	$	59.4
Weighted-average common shares outstanding:
Basic	94.7		93.3		94.5		93.0
Effect of dilutive securities:
Stock options	1.8		—		1.9		2.5
Restricted stock (1)	0.2		—		0.3		0.5
2024 Notes (2)	1.0		—		1.1		2.0
Diluted	97.7		93.3		97.9		98.0
Net income (loss) per share:
Basic	$	0.24	$	(0.62)	$	1.03	$	0.64
Diluted	$	0.23	$	(0.62)	$	0.99	$	0.61

Shares excluded from diluted per share amounts because their effect would have been anti-dilutive	4.5		10.9		4.0		2.3

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(1) In August 2021, our board of directors approved an equity grant in the form of restricted stock units, or RSUs, to our full-time employees other than our executive officers, consisting of approximately 0.5 million RSUs, which will vest over a period of two years.

(2) Convertible debt instruments that may be settled entirely or partly in cash (such as the 2024 Notes) may, in certain circumstances where the borrower has the ability and intent to settle in cash, be accounted for under the treasury stock method. We issued the 2024 Notes with a combination settlement feature, which we have the ability and intent to use upon conversion of the 2024 Notes, to settle the principal amount of debt for cash and the excess of the principal portion in shares of our common stock. As a result, of the approximately 5.0 million shares underlying the 2024 Notes, only the shares required to settle the excess of the principal portion are considered under the treasury stock method.