Net Income (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2022

Components and Calculation of Basic and Diluted Net Income (Loss) Per Share

The following table presents the components and calculations of basic and diluted net income (loss) per share (in millions, except per share amounts; certain amounts may not recalculate due to rounding):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Numerator:
Net income (loss) from continuing operations	$	174.5	$	79.8	$	230.3	$	69.3
Dividends on Preferred Stock	(6.0)		(6.0)		(12.0)		(12.0)
Undistributed income from continuing operations allocated to participating securities	(20.9)		(9.0)		(26.8)		(6.9)


Net income (loss) from continuing operations attributable to common stockholders – Basic and Diluted	147.6		64.8		191.5		50.4

Net income (loss) from discontinued operations – Basic	—		(3.3)		—		0.9
Undistributed income from discontinued operations allocated to participating securities	—		0.4		—		(0.2)
Net income (loss) from discontinued operations attributable to common stockholders – Basic and Diluted	—		(2.9)		—		0.7
Net income (loss) attributable to common stockholders – Basic and Diluted	$	147.6	$	61.9	$	191.5	$	51.1


Denominator:
Weighted-average common shares outstanding – Basic	68.1		69.9		69.1		69.8
Effect of common share equivalents	1.4		1.4		1.3		1.2

Weighted-average common shares outstanding – Diluted	69.5		71.3		70.4		71.0

Net income (loss) per share:
Basic – Continuing operations	$	2.17	$	0.93	$	2.77	$	0.72
Basic – Discontinued operations	—		(0.04)		—		0.01
Basic net income (loss) per share	$	2.17	$	0.89	$	2.77	$	0.73

Diluted – Continuing operations	$	2.12	$	0.91	$	2.72	$	0.71
Diluted – Discontinued operations	—		(0.04)		—		0.01
Diluted net income (loss) per share	$	2.12	$	0.87	$	2.72	$	0.72

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table includes the number of shares that may be dilutive common shares in the future (in millions). These shares were not included in the computation of diluted net income (loss) per share because the effect was either anti-dilutive or the requisite performance conditions were not met:


	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021	2022	2021
Stock options	0.2	—	0.1	0.3

Preferred Stock	9.7	9.7	9.7	9.7
Equity forward contract	0.9	—	0.9	—