Basic and Diluted Income (Loss) Per Common Share (Tables)

6 Months Ended

Jun. 30, 2021

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 June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
(Loss) income from continuing operations	$	(23.7)		$	21.0		$	(66.6)		$	(8.9)
Income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest	1.6			(15.3)			4.4			(12.5)
(Loss) income from continuing operations attributable to the Company	(22.1)			5.7			(62.2)			(21.4)
Less: Preferred dividends, deemed dividends and repurchase gains	0.2			0.4			0.6			0.8
(Loss) income from continuing operations attributable to HC2 common stockholders	(22.3)			5.3			(62.8)			(22.2)
(Loss) income from discontinued operations	(1.5)			7.5			50.4			(63.6)
(Loss) income attributable to noncontrolling interest and redeemable noncontrolling interest	0.1			(0.1)			0.9			15.0
(Loss) income from discontinued operations, net of tax and noncontrolling interest	(1.4)			7.4			51.3			(48.6)
Net (loss) income attributable to common stock and participating preferred stockholders	$	(23.7)		$	12.7		$	(11.5)		$	(70.8)
Earnings allocable to common shares:
Participating shares at end of period:
Weighted-average common stock outstanding	77.0			46.8			77.1			45.9
Unvested restricted stock				0.3
Preferred stock (as-converted basis)				2.1
Total	77.0			49.2			77.1			45.9
Percentage of loss allocated to:
Common stock	100.0		%	95.1		%	100.0		%	100.0		%
Unvested restricted stock	—		%	0.6		%	—		%	—		%
Preferred stock	—		%	4.3		%	—		%	—		%
Numerator for earnings per share, basic:

Net (loss) income from continuing operations attributable to common stock, basic	$	(22.3)	$	5.0	$	(62.8)	$	(22.2)
Net (loss) income from discontinued operations attributable to common stock, basic	$	(1.4)	$	7.1	$	51.3	$	(48.6)
Net (loss) income attributable to common stock, basic	$	(23.7)	$	12.1	$	(11.5)	$	(70.8)
Earnings allocable to common shares, diluted:
Numerator for earnings per share, diluted
Effect of assumed shares under the if-converted method for convertible instruments	$	—	$	—	$	—	$	—
Net (loss) income from continuing operations attributable to common stock, basic	$	(22.3)	$	5.0	$	(62.8)	$	(22.2)
Net (loss) income from discontinued operations attributable to common stock, basic	$	(1.4)	$	7.1	$	51.3	$	(48.6)
Net (loss) income attributable to common stock, basic	$	(23.7)	$	12.1	$	(11.5)	$	(70.8)
Denominator for basic and dilutive earnings per share
Weighted average common shares outstanding - basic	77.0		46.8		77.1		45.9
Effect of assumed shares under treasury stock method for stock options and restricted shares and if-converted method for convertible instruments	—		2.0		—		—
Weighted average common shares outstanding - diluted	77.0		48.8		77.1		45.9
(Loss) income per share - continuing operations
Basic	$	(0.29)	$	0.11	$	(0.82)	$	(0.48)
Diluted	$	(0.29)	$	0.11	$	(0.82)	$	(0.48)
(Loss) income per share - discontinued operations
Basic	$	(0.02)	$	0.15	$	0.67	$	(1.06)
Diluted	$	(0.02)	$	0.14	$	0.67	$	(1.06)
(Loss) income per share - Net (loss) income attributable to common stock and participating preferred stockholders
Basic	$	(0.31)	$	0.26	$	(0.15)	$	(1.54)
Diluted	$	(0.31)	$	0.25	$	(0.15)	$	(1.54)