Earnings (Loss) Per Share (Tables)

9 Months Ended

Sep. 30, 2022

Basic and diluted earnings (loss) per share and securities excluded from the calculation of diluted EPS

The following table shows the basic and diluted earnings (loss) per share:


	For the three months ended September 30,
	2022					2021
	Net Income (Loss)		Shares (in millions)	Per Share		Net Income (Loss)		Shares (in millions)	Per Share
Net income (loss)	$	44.3				$	(52.4)
Less: net income allocated to participating securities	2.7					—
Basic EPS:
Net income (loss) allocated to common stockholders	$	41.6	91.3	$	0.46	$	(52.4)	90.1	$	(0.58)
Effect of Dilutive Securities(1):
Share-based compensation	(0.4)		1.4			—		—
Convertible senior notes	0.7		4.6			—		—
Diluted EPS:
Net income (loss) allocated to common stockholders with assumed conversion	$	41.9	97.3	$	0.43	$	(52.4)	90.1	$	(0.58)

	For the nine months ended September 30,
	2022					2021
	Net Income (Loss)		Shares (in millions)	Per Share		Net Income (Loss)		Shares (in millions)	Per Share
Net income (loss)	$	99.4				$	(227.5)
Less: net income allocated to participating securities	6.0					—
Basic EPS:
Net income (loss) allocated to common stockholders	$	93.4	91.3	$	1.02	$	(227.5)	90.1	$	(2.52)
Effect of Dilutive Securities:
Share-based compensation	(1.2)		1.7			—		—
Convertible senior notes	2.1		4.6			—		—
Diluted EPS:
Net income (loss) allocated to common stockholders with assumed conversion	$	94.3	97.6	$	0.97	$	(227.5)	90.1	$	(2.52)


	Three months ended September 30,		Nine months ended September 30,
Securities excluded from the calculation of diluted EPS (in millions)(1):	2022	2021	2022	2021
Share-based compensation	—	2.5	—	2.5
Convertible preferred shares	5.8	6.3	5.8	6.3
Convertible senior notes	—	4.8	—	4.8

(1) In periods when we report a net loss, all share-based compensation awards, convertible preferred shares and convertible senior notes are excluded from the calculation of diluted weighted average shares outstanding because of their anti-dilutive effect on earnings (loss) per share.