Earnings (Loss) Per Share (Tables)

9 Months Ended

Sep. 30, 2021

Schedule of Basic and Diluted Net Income (Loss) Per Common Share

Basic and diluted net income (loss) per common share are calculated as follows (in millions, except share and per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Basic EPS:
Net income	$	17.0	$	5.2	$	61.2	$	38.5
Less dividends on preferred shares (1)	—		(5.6)		(592.3)		(16.6)
Less income allocated to preferred shareholders	—		—		—		(10.9)
Net income (loss) available/(allocated) to common shareholders - basic	$	17.0	$	(0.4)	$	(531.1)	$	11.0
Diluted EPS:
Net income	$	17.0	$	5.2	$	61.2	$	38.5
Less dividends on preferred shares (1)	—		(5.6)		(592.3)		(16.6)
Less income allocated to preferred shareholders	—		—		—		(8.7)
Net income (loss) available/(allocated) to common shareholders - diluted	$	17.0	$	(0.4)	$	(531.1)	$	13.2
Basic weighted-average common shares	278,655,269		115,976,377		262,209,929		115,164,631
Add: Effect of dilutive equity awards	7,281,436		—		—		12,293,285
Add: Effect of dilutive warrants	34,680,381		—		—		43,720,170
Diluted weighted average common shares	320,617,086		115,976,377		262,209,929		171,178,086
Net income (loss) per common share (basic)	$	0.06	$	—	$	(2.03)	$	0.10
Net income (loss) per common share (diluted)	$	0.05	$	—	$	(2.03)	$	0.08

(1) The 2021 dividend on preferred shares includes amounts related to the conversion of the preferred shares. See Note 15, 8.00% Series A Convertible Preferred Stock, for more information.