Basic and Diluted Income Per Common Share (Tables)

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Calculation of Basic Income (Loss) Per Common Share to Diluted Income (Loss) Per Common Share

The following table presents a reconciliation of net income (loss) used in basic and diluted EPS calculations (in millions, except per share amounts):

	Three Months Ended March 31,
	2020			2019
Amounts attributable to HC2 common and participating preferred stockholders
Loss from continuing operations	$	(41.0)		$	0.3
Net loss attributable to noncontrolling interest and redeemable noncontrolling interest	2.6			2.4
Loss (income) from continuing operations attributable to the Company	(38.4)			2.7
Less: Preferred dividends, deemed dividends and repurchase gains	0.4			(1.2)
(Loss) income from continuing operations attributable to HC2 common stockholders	(38.8)			3.9
Loss from discontinued operations (including loss on disposal of $39.3 million)	(60.0)			(6.6)
Net loss attributable to noncontrolling interest and redeemable noncontrolling interest	15.3			1.1
Loss from discontinued operations, net of tax and noncontrolling interest	$	(44.7)		$	(5.5)
Net loss attributable to common stock and participating preferred stockholders	$	(83.5)		$	(1.6)
Earnings allocable to common shares:
Participating shares at end of period:
Weighted-average common stock outstanding	45.9			44.8
Unvested restricted stock	—			0.4
Preferred stock (as-converted basis)	—			2.2
Total	45.9			47.4
Percentage of (loss) income allocated to:
Common stock	100.0		%	94.5		%
Unvested restricted stock	—		%	0.8		%
Preferred stock	—		%	4.6		%
Numerator for earnings per share, basic:
Net (loss) income from continuing operations attributable to common stock, basic	$	(38.8)		$	3.7
Net loss from discontinued operations attributable to common stock, basic and diluted	$	(44.7)		$	(5.2)
Net loss attributable to common stock and participating preferred stockholders, basic and diluted	$	(83.5)		$	(1.5)
Earnings allocable to common shares, diluted:
Numerator for earnings per share, diluted
Effect of assumed shares under treasury stock method for stock options and restricted shares and if-converted method for convertible instruments	$	—		$	(1.6)
Net (loss) income from continuing operations attributable to common stock, diluted	$	(38.8)		$	2.1
Net (loss) income from discontinued operations attributable to common stock, diluted	$	(44.7)		$	(5.2)
Net loss attributable to common stock and participating preferred stockholders, diluted	$	(83.5)		$	(3.1)
Denominator for basic and dilutive earnings per share:
Weighted average common shares outstanding - basic	45.9			44.8
Effect of assumed shares under treasury stock method for stock options and restricted shares and if-converted method for convertible instruments	—			14.9
Weighted average common shares outstanding - diluted	45.9			59.7
(Loss) income per share - continuing operations
Basic:	$	(0.85)		$	0.08
Diluted:	$	(0.85)		$	0.04
Loss per share - Discontinued operations
Basic:	$	(0.97)		$	(0.12)
Diluted:	$	(0.97)		$	(0.09)
Loss per share - Net loss attributable to common stock and participating preferred stockholders
Basic:	$	(1.82)		$	(0.03)
Diluted:	$	(1.82)		$	(0.05)