Earning (Loss) Per Share

3 Months Ended

Mar. 31, 2024

Loss Per Share

Basic earnings (loss) per share is computed as net earnings (loss) divided by the basic weighted average common shares outstanding. The calculation of diluted earnings (loss) per share 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 attributable 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 three months ended March 31, 2024 and 2023, the assumed exercise of all equity incentive instruments was anti-dilutive and therefore, not included in the diluted loss per share calculation.

Reconciliations of the numerator and the denominator of the basic and diluted per share computations for the Company’s common stock for the three months ended March 31, 2024 and 2023, are summarized as follows:


	Three Months Ended March 31,
		2024		2023
Numerator
Net loss		$	(28.1)	$	(24.6)



Denominator
Basic weighted average number of common shares outstanding for all classes of common stock		47.2		49.2
Plus: effect of dilutive equity incentive instruments		—		—
Diluted weighted average number of common shares outstanding for all classes of common stock		47.2		49.2

Loss per share
Basic and diluted		$	(0.60)	$	(0.50)


Cash dividends paid per common share for all classes of common stock		$	0.05	$	—