Net (Loss) Income Per Common Share

12 Months Ended

Dec. 31, 2022

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


	For the Years Ended December 31,
(in millions, except number of shares and per share amounts)	2022		2021		2020
Net income (loss)	$	(175.2)	$	6.7	$	(54.1)
Less: Preferred share dividends	10.5		10.5		4.6
Net income (loss) attributable to common shareholders	(185.7)		(3.8)		(58.7)
Weighted average common shares outstanding - basic	34,980,608		34,816,160		34,614,813
Effect of dilutive securities:
Equity compensation awards	—		—		—
Weighted average common shares outstanding - diluted	34,980,608		34,816,160		34,614,813
Net income (loss) per common share:
Basic	$	(5.31)	$	(0.11)	$	(1.70)
Diluted	$	(5.31)	$	(0.11)	$	(1.70)

Excluded from the weighted average common shares outstanding calculation are 11,318,339, 11,315,889 and 11,315,889 shares, which are held as treasury shares, at December 31, 2022, 2021 and 2020, respectively. The shares are excluded as of their repurchase date. Due to the net losses incurred during the years ended December 31, 2022, 2021 and 2019, the potentially dilutive securities that were anti-dilutive, and therefore, omitted from the calculation were 79,276, 208,524, and 197,035 shares, respectively.