Net Income (Loss) Per Common Share

9 Months Ended

Sep. 30, 2021

The following table presents the calculation of net income (loss) 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)	2021		2020		2021		2020
Net income (loss)	$	22.4	$	(23.1)	$	122.0	$	(53.2)
Less: Preferred share dividends	2.6		2.0		7.9		2.0
Net income (loss) attributable to common shareholders	19.8		(25.1)		114.1		(55.2)
Weighted average common shares outstanding - basic	34,854,724		34,667,266		34,796,528		34,590,659
Effect of dilutive securities:
Equity compensation awards	181,976		—		265,888		—
Weighted average common shares outstanding - diluted	35,036,700		34,667,266		35,062,416		34,590,659
Net income (loss) per common share:
Basic	$	0.57	$	(0.72)	$	3.28	$	(1.60)
Diluted	$	0.56	$	(0.72)	$	3.26	$	(1.60)

Excluded from the weighted average common shares outstanding calculation at September 30, 2021 and 2020 are 11,315,889 shares, which are held as treasury shares. The shares are excluded as of their repurchase date. There were 26,422 and 49,796 weighted average shares excluded from the computation of diluted net income per common share because they were anti-dilutive for the three and nine months ended September 30, 2021, respectively. 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.