Net Income (Loss) Per Common Share

3 Months Ended

Mar. 31, 2023

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)		2023		2022
Net income (loss)		$	(33.8)	$	(1.0)
Less: Preferred share dividends		2.6		2.6
Net income (loss) attributable to common shareholders		(36.4)		(3.6)
Weighted average common shares outstanding - basic		35,099,968		34,891,935
Effect of dilutive securities:
Equity compensation awards		—		—
Weighted average common shares outstanding - diluted		35,099,968		34,891,935
Net income (loss) per common share:
Basic		$	(1.04)	$	(0.11)
Diluted		$	(1.04)	$	(0.11)

Excluded from the weighted average common shares outstanding calculation at March 31, 2023 and 2022 are 11,318,339 and 11,315,889 shares, respectively, 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 62,755 and 173,541 potentially dilutive shares for the three months ended March 31, 2023 and 2022, respectively. The potentially dilutive shares were excluded due to the net loss incurred for the periods presented.