Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2022

Basic net income per share is computed by dividing net income, less any dividends, accretion or decretion, redemption or induced conversion on the preferred stock, by the weighted average number of common shares outstanding during the period.

Diluted net income per share is calculated by adjusting the denominator used in the basic net income per share computation by potentially dilutive securities outstanding during the period plus, when their effect is dilutive, incremental shares consisting of shares subject to stock options and shares issuable upon vesting of RSUs and PBRSUs.

Basic and diluted net income (loss) per common share are calculated as follows:


	Three Months Ended March 31,
		2022		2021
Basic EPS:
Net income		$	29.4	$	25.8
Less dividends on preferred shares (1)		—		(592.3)

Net income (loss) available/(allocated) to common shareholders - basic		$	29.4	$	(566.5)
Diluted EPS:
Net income		$	29.4	$	25.8
Less dividends on preferred shares (1)		—		(592.3)

Net income (loss) available/(allocated) to common shareholders - diluted		$	29.4	$	(566.5)
Basic weighted-average common shares		278,747,261		239,290,145
Add: Effect of dilutive equity awards		6,472,685		—
Add: Effect of dilutive warrants		35,823,425		—
Diluted weighted average common shares		321,043,371		239,290,145
Net income (loss) per common share (basic)		$	0.11	$	(2.37)
Net income (loss) per common share (diluted)		$	0.09	$	(2.37)

(1) The 2021 dividend on preferred shares includes amounts related to the conversion of the preferred shares. See Note 16 of the Company’s 2021 Form 10-K for more information.

Because of their anti-dilutive effect, 43,206 common share equivalents comprised of stock options, PBRSUs, and RSUs have been excluded from the diluted earnings per share calculation for the three months ended March 31, 2022.

For the three months ended March 31, 2021, 13,688,519 common share equivalents have been excluded from the diluted earnings per share calculation because of their anti-dilutive effect. Additionally, for the three months ended March 31, 2021, TCP-ASC ACHI Series LLLP’s (“TCP-ASC” or the “Investor”) and IHC Health Services, Inc.’s (“Intermountain”) exercisable warrants to acquire up to 60.0 million and 1.5 million shares, respectively, of the Company's common stock have been excluded from the diluted earnings per share calculation because they were anti-dilutive.