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Earnings Per Share Attributable to Quad Common Shareholders
 12 Months Ended
Dec. 31, 2019
Earnings Per Share [Abstract]  
Earnings Per Share Attributable to Quad Common Shareholders Earnings (Loss) Per Share Attributable to Quad Common Shareholders

Basic earnings (loss) per share attributable to Quad common shareholders is computed as net earnings (loss) attributable to Quad common shareholders, divided by the basic weighted average common shares outstanding. The calculation of diluted earnings (loss) per share attributable to Quad common shareholders includes the effect of any dilutive equity incentive instruments. The Company uses the treasury stock method to calculate the effect of outstanding dilutive equity incentive instruments, which requires the Company to compute total proceeds as the sum of the amount the employee must pay upon exercise of the award and the amount of unearned stock-based compensation costs attributed to future services.

Equity incentive instruments for which the total employee proceeds from exercise exceed the average fair value of the same equity incentive instrument over the period have an anti-dilutive effect on earnings per share during periods with net earnings, and accordingly, the Company excludes them from the calculation. Due to the net loss incurred during the year ended December 31, 2019, the assumed exercise of all equity incentive instruments was anti-dilutive and therefore, not included in the diluted loss per share calculation. Anti-dilutive equity incentive instruments of 0.5 million and 0.7 million of class A common shares were excluded from the computations of diluted net earnings per share for the years ended December 31, 2018 and 2017, respectively.

Reconciliations of the numerator and the denominator of the basic and diluted per share computations for the Company’s common stock for the years ended December 31, 2019, 2018 and 2017, are summarized as follows:
 
2019
 
2018
 
2017
Numerator:
 
 
 
 
 
Net earnings (loss) from continuing operations
$
(55.7
)
 
$
29.9

 
$
118.1

Less: net loss attributable to noncontrolling interests
—

 
(0.6
)
 
—

Net earnings (loss) from continuing operations attributable to Quad common shareholders
(55.7
)
 
30.5

 
118.1

 
 
 
 
 
 
Loss from discontinued operations, net of tax
(100.6
)
 
(22.0
)
 
(10.9
)
 
 
 
 
 
 
Net earnings (loss) attributable to Quad common shareholders
$
(156.3
)
 
$
8.5

 
$
107.2

 
 
 
 
 
 
Denominator:
 
 
 
 
 
Basic weighted average number of common shares outstanding for all classes of common stock
50.0

 
49.8

 
49.6

Plus: effect of dilutive equity incentive instruments
—

 
1.8

 
2.2

Diluted weighted average number of common shares outstanding for all classes of common shares
50.0

 
51.6

 
51.8

 
 
 
 
 
 
Earnings per share attributable to Quad common shareholders:
 
 
 
 
 
Basic:
 
 
 
 
 
Continuing operations
$
(1.11
)
 
$
0.61

 
$
2.38

Discontinued operations
$
(2.01
)
 
$
(0.44
)
 
$
(0.22
)
Basic earnings (loss) per share attributable to Quad common shareholders
$
(3.12
)
 
$
0.17

 
$
2.16

 
 
 
 
 
 
Diluted:
 
 
 
 
 
Continuing operations
$
(1.11
)
 
$
0.59

 
$
2.28

Discontinued operations
$
(2.01
)
 
$
(0.43
)
 
$
(0.21
)
Diluted earnings (loss) per share attributable to Quad common shareholders
$
(3.12
)
 
$
0.16

 
$
2.07

 
 
 
 
 
 
Cash dividends paid per common share for all classes of common shares
$
1.05

 
$
1.20

 
$
1.20