Background and Basis of Presentation (Tables)

6 Months Ended

Jun. 30, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of computation of basic and diluted EPS

The following table presents the computation of basic and diluted EPS (dollars in millions except per share amounts, shares in thousands):

Earnings (Loss) Per Basic Common Share

	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Income (loss) from continuing operations	$	(50.1	)	$	13.6		$	(33.7	)	$	25.4
Amounts attributable to participating securities	—			(0.1		)	(0.1		)	(0.2		)
Net income (loss) available to common stockholders	$	(50.1	)	$	13.5		$	(33.8	)	$	25.2
Weighted-average basic shares outstanding	16,797			16,863			16,812			16,861
Basic earnings (loss) per share	$	(2.98	)	$	0.80		$	(2.01	)	$	1.50

Earnings (Loss) Per Diluted Common Share 

	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Income (loss) from continuing operations	$	(50.1	)	$	13.6		$	(33.7	)	$	25.4
Amounts attributable to participating securities	—			(0.1		)	(0.1		)	(0.2		)
Net income (loss) available to common stockholders	$	(50.1	)	$	13.5		$	(33.8	)	$	25.2
Weighted-average basic shares outstanding	16,797			16,863			16,812			16,861
Add: Assumed incremental shares under stock compensation plans (a)	—			47			—			53
Weighted-average diluted shares	16,797			16,910			16,812			16,914
Diluted earnings (loss) per share	$	(2.98	)	$	0.80		$	(2.01	)	$	1.49

(a)        For the three months ended June 30, 2020 and 2019, there were 338,690 and 230,928 potentially dilutive options, respectively, excluded from the computation of dilutive common shares because the exercise price of such options exceeded the average market price of the Company’s Common Stock. For the six months ended June 30, 2020 and 2019, there were 340,886 and 231,129 potentially dilutive options, respectively, similarly excluded from the computation of dilutive common shares. In addition, as a result of the loss from continuing operations for the three and six months ended June 30, 2020, incremental shares of 23,000 and 28,000, respectively, resulting from the dilutive options and performance share units, were excluded from the diluted earnings per share calculation as the effect would have been anti-dilutive.

Schedule of the carrying value and fair value of the Company's debt

The following table presents the carrying value and the fair value of the Company’s debt: 

	June 30, 2020				December 31, 2019
	Carrying Value		Fair Value (a)		Carrying Value		Fair Value (a)
Term Loan B (variable rates)	$	200.0	$	200.0	$	—	$	—
2021 Senior Notes (5.25% fixed rate)	175.0		175.0		175.0		174.3
Global Revolving Credit Facility (variable rates)	10.1		10.1		21.6		21.6
German loan agreement (2.45% fixed rate)	2.9		3.0		3.5		3.6
German loan agreement (1.45% fixed rate)	3.0		3.0		3.7		3.7
Total debt	$	391.0	$	391.1	$	203.8	$	203.2

(a)         The fair value for all debt instruments was estimated from Level 2 measurements using rates currently available to the Company for debt of the same remaining maturities.