Net Income (Loss) Per Common Share

3 Months Ended

Mar. 31, 2022

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


	For the Three Months Ended March 31,
(in millions, except number of shares and per share amounts)		2022		2021
Net income (loss)		$	(1.0)	$	29.8
Less: Preferred share dividends		2.6		2.6
Net income (loss) attributable to common shareholders		(3.6)		27.2
Weighted average common shares outstanding - basic		34,891,935		34,712,650
Effect of dilutive securities:
Equity compensation awards		—		225,363
Weighted average common shares outstanding - diluted		34,891,935		34,938,013
Net income (loss) per common share:
Basic		$	(0.11)	$	0.78
Diluted		$	(0.11)	$	0.78

Excluded from the weighted average common shares outstanding calculation at March 31, 2022 and 2021 are 11,315,889 shares, which are held as treasury shares. The shares are excluded as of their repurchase date. For the three months ended March 31, 2022, 173,541 potentially dilutive securities were not included in the calculation of diluted net income per common share as these instruments were anti-dilutive due to the net loss attributable to common shareholders incurred for the period then ended. For the three months ended March 31, 2021, there were no equity compensation awards with an anti-dilutive effect.