Net Income (Loss) Per Common Share

9 Months Ended

Sep. 30, 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 September 30,				For the Nine Months Ended September 30,
(in millions, except number of shares and per share amounts)	2022		2021		2022		2021
Net income (loss)	$	(48.8)	$	22.4	$	(66.0)	$	122.0
Less: Preferred share dividends	2.6		2.6		7.9		7.9
Net income (loss) attributable to common shareholders	(51.4)		19.8		(73.9)		114.1
Weighted average common shares outstanding - basic	35,014,182		34,852,274		34,955,787		34,794,078
Effect of dilutive securities:
Equity compensation awards	—		181,976		—		265,888
Weighted average common shares outstanding - diluted	35,014,182		35,034,250		34,955,787		35,059,966
Net income (loss) per common share:
Basic	$	(1.47)	$	0.57	$	(2.11)	$	3.28
Diluted	$	(1.47)	$	0.56	$	(2.11)	$	3.26

Excluded from the weighted average common shares outstanding calculation at September 30, 2022 and 2021 are 11,318,339 shares, which are held as treasury shares. The shares are excluded as of their repurchase date. Excluded from the computation of diluted net loss per common shares were 9,049 and 96,973 potentially dilutive shares for the three and nine months ended September 30, 2022, respectively. The potentially dilutive shares were excluded due to the net loss incurred for the periods presented. For the three and nine months ended September 30, 2021, 26,422 and 49,796, respectively, weighted average shares were excluded from the computation of diluted net income per common shares as they were antidilutive.