Net (Loss) Income Per Common Stock

12 Months Ended

Dec. 31, 2023

As a result of the Merger, all Argo Group common stock ceased to be traded on the New York Stock Exchange as of November 16, 2023. In accordance with ASC 260, Earnings Per Share, calculation of earnings per share is not required for entities whose publicly traded securities only include nonconvertible debt. For the Successor period of November 16, 2023 through December 31, 2023, the earnings per share calculation is not required.

The following table presents the calculation of net (loss) income per shares of common stock on a basic and diluted basis for the Predecessor period:


	Predecessor
	Period from		For the Years Ended December 31,
	January 1, 2023 through November 15, 2023		2022		2021
(in millions, except number of shares and per share amounts)
Net income (loss)	$	(210.4)	$	(175.2)	$	6.7
Less: Preferred stock dividends	10.5		10.5		10.5
Net income (loss) attributable to common stockholders	(220.9)		(185.7)		(3.8)
Weighted average common stock outstanding - basic	35,166,679		34,980,608		34,816,160
Effect of dilutive securities:
Equity compensation awards	—		—		—
Weighted average common stock outstanding - diluted	35,166,679		34,980,608		34,816,160
Net income (loss) per common stock:
Basic	$	(6.28)	$	(5.31)	$	(0.11)
Diluted	$	(6.28)	$	(5.31)	$	(0.11)

Excluded from the weighted average shares of common stock outstanding calculation are treasury shares of 11,318,339 shares at November 15, 2023, December 31, 2022 and 2021, respectively. The shares are excluded as of their repurchase date. Due to the net losses incurred for the period January 1, 2023 through November 15, 2023, and for the years ended December 31, 2022 and 2021, the potentially dilutive securities that were anti-dilutive, and therefore, omitted from the calculation were 47,571, 79,276, and 208,524 shares, respectively.