Net (Loss) Income Per Common Share

9 Months Ended

Sep. 30, 2020

The following table presents the calculation of net (loss) income per common share on a basic and diluted basis:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(in millions, except number of shares and per share amounts)	2020		2019		2020		2019
Net (loss) income	$	(29.6)	$	(25.1)	$	(54.8)	$	94.9
Less: Preferred share dividends	2.0		—		2.0		—
Net (loss) income attributable to common shareholders	(31.6)		(25.1)		(56.8)		94.9
Weighted average common shares outstanding - basic	34,667,266		34,299,999		34,590,659		34,161,016
Effect of dilutive securities:
Equity compensation awards	—		—		—		608,606
Weighted average common shares outstanding - diluted	34,667,266		34,299,999		34,590,659		34,769,622
Net (loss) income per common share:
Basic	$	(0.91)	$	(0.73)	$	(1.64)	$	2.78
Diluted	$	(0.91)	$	(0.73)	$	(1.64)	$	2.73

Excluded from the weighted average common shares outstanding calculation at September 30, 2020 and 2019 are 11,315,889 shares, which are held as treasury shares. The shares are excluded as of their repurchase date. Due to the net loss incurred for the three and nine months ended September 30, 2020, all of the potentially dilutive securities were anti-dilutive, and therefore, omitted from the calculation. Due to the net loss incurred for the three months ended September 30, 2019, all of the potentially dilutive securities were anti-dilutive, and therefore, omitted from the calculation. For the nine months ended September 30, 2019, there were 2,331 weighted average shares excluded from the computation of diluted net income per common share because they were anti-dilutive.