Net Income (Loss) Per Share

6 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

Net Income (Loss) Per Share

Basic net income (loss) per share is calculated based on the weighted average common shares outstanding for the period. Basic net income (loss) per share for the three and six months ended September 30, 2020 and 2019 is presented below:

	Three Months Ended				Six Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
	(Amounts in millions, except per share amounts)
Basic Net Income (Loss) Per Common Share:
Numerator:
Net income (loss) attributable to Lions Gate Entertainment Corp. shareholders	$	(18.4)	$	1.8	$	32.7	$	(52.2)
Denominator:
Weighted average common shares outstanding	220.4		217.5		220.0		216.8
Basic net income (loss) per common share	$	(0.08)	$	0.01	$	0.15	$	(0.24)

Diluted net income (loss) per common share reflects share purchase options, including share appreciation rights ("SARs"), restricted share units ("RSUs") and restricted stock using the treasury stock method when dilutive, and any contingently issuable shares when dilutive. Diluted net income (loss) per common share for the three and six months ended September 30, 2020 and 2019 is presented below:

	Three Months Ended				Six Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
	(Amounts in millions, except per share amounts)
Diluted Net Income (Loss) Per Common Share:
Numerator:
Net income (loss) attributable to Lions Gate Entertainment Corp. shareholders	$	(18.4)	$	1.8	$	32.7	$	(52.2)
Denominator:
Weighted average common shares outstanding	220.4		217.5		220.0		216.8
Effect of dilutive securities:
Share purchase options	—		0.3		—		—
Restricted share units and restricted stock	—		0.2		0.6		—
Contingently issuable shares	—		1.8		—		—
Adjusted weighted average common shares outstanding	220.4		219.8		220.6		216.8
Diluted net income (loss) per common share	$	(0.08)	$	0.01	$	0.15	$	(0.24)

As a result of the net loss in the three months ended September 30, 2020 and the six months ended September 30, 2019, the dilutive effect of the share purchase options, restricted share units and restricted stock, and contingently issuable shares were considered anti-dilutive and, therefore, excluded from diluted net loss per share. The weighted average anti-dilutive shares

excluded from the calculation due to the net loss for the three months ended September 30, 2020 totaled 0.9 million (six months ended September 30, 2019 - 3.2 million).

Additionally, for the three and six months ended September 30, 2020 and 2019, the outstanding common shares issuable presented below were excluded from diluted net income (loss) per common share because their inclusion would have had an anti-dilutive effect regardless of net income or loss in the period.

	Three Months Ended		Six Months Ended
	September 30,		September 30,
	2020	2019	2020	2019
	(Amounts in millions)
Anti-dilutive shares issuable
Share purchase options	28.2	31.1	28.0	30.2
Restricted share units	1.4	3.3	2.0	2.4
Other issuable shares	2.6	3.9	3.8	3.0
Total weighted average anti-dilutive shares issuable excluded from diluted net income (loss) per common share	32.2	38.3	33.8	35.6