Earnings Per Share

6 Months Ended

Jun. 30, 2020

Note 4: Earnings Per Share

Earnings (Loss) per Share ("EPS") is calculated by dividing the Net earnings or loss attributable to shareholders by the Weighted average shares outstanding. As the Company was in a loss position for the three months ended June 30, 2020 and six months ended June 30, 2020 and 2019, the Company has determined all potentially dilutive shares would be anti-dilutive in these periods and therefore are excluded from the calculation of diluted weighted average shares outstanding. As a result, the calculation of weighted average shares outstanding is the same for basic and diluted EPS, for these periods.

Potentially dilutive securities of approximately 0.4 million for the three months ended June 30, 2020 and 2.5 million and 7.6 million for the six months ended June 30, 2020 and 2019, respectively, were excluded from the computation of diluted EPS because their effect would have been anti-dilutive in these periods.

The following is a calculation of EPS (in millions, except per share amounts):


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
Basic EPS
Net income (loss) attributable to shareholders	$	(100.8)	$	6.3	$	(155.9)	$	(14.6)
Weighted average shares outstanding for basic earnings (loss) per share	220.4		216.9		220.2		216.8
Basic earnings (loss) per common share attributable to shareholders	$	(0.46)	$	0.03	$	(0.71)	$	(0.07)
Diluted EPS
Net income (loss) attributable to shareholders	$	(100.8)	$	6.3	$	(155.9)	$	(14.6)
Weighted average shares outstanding for basic earnings (loss) per share	220.4		216.9		220.2		216.8
Dilutive effect of restricted stock units	—		6.4		—		—
Dilutive effective of stock options	—		1.5		—		—
Weighted average shares outstanding for diluted earnings (loss) per share	220.4		224.8		220.2		216.8
Diluted earnings (loss) per common share attributable to shareholders	$	(0.46)	$	0.03	$	(0.71)	$	(0.07)