Earnings Per Share

3 Months Ended

Mar. 31, 2022

Note 4: Earnings Per Share

Earnings (loss) per share ("EPS") is calculated by dividing Net income (loss) by the weighted average shares outstanding. As the Company was in a loss position for the three months ended March 31, 2021, the Company has determined all potentially dilutive shares would be anti-dilutive in this period and therefore they are excluded from the calculation of diluted weighted average shares outstanding. This results in the calculation of weighted average shares outstanding to be the same for basic and diluted EPS during periods of net loss. Potentially dilutive securities of approximately 1.6 million for the three months ended March 31, 2021 were excluded from the computation of diluted EPS because their effect would have been anti-dilutive in this period.

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


	Three Months Ended March 31,
	2022		2021
Basic EPS
Net income (loss)	$	45.5	$	(17.2)
Weighted average shares outstanding for basic earnings (loss) per share	224.7		222.3
Basic earnings (loss) per share attributable to common shareholders	$	0.20	$	(0.08)
Diluted EPS
Net income (loss)	$	45.5	$	(17.2)
Weighted average shares outstanding for basic earnings (loss) per share:	224.7		222.3
Dilutive effect of restricted stock units	3.3		—
Dilutive effective of stock options	1.1		—
Weighted average shares outstanding for diluted earnings (loss) per share	229.1		222.3
Diluted earnings (loss) per share attributable to common shareholders	$	0.20	$	(0.08)