Earnings (Loss) Per Share (as restated)

12 Months Ended

Dec. 31, 2020

EARNINGS (LOSS) PER SHARE (as restated)

Basic earnings per common share is computed by dividing net earnings attributable to holders of the Company's Class A common shares by the weighted average number of common shares outstanding during the period. Diluted earnings per common share is computed by dividing net earnings attributable to holders of the Company's Class A common shares by the weighted average number of common shares outstanding during the period increased by the number of additional shares that would have been outstanding related to potentially dilutive securities or instruments, if the impact is dilutive.

The details of the earnings per share calculations for the years ended December 31, 2020, 2019, and 2018 are as follows (in millions, except per share and per share amounts):


	Year ended December 31, 2020 (as restated)		Year ended December 31, 2019		Year ended December 31, 2018
Net income (loss)	$	(327.3)	$	(140.8)	$	(314.0)

Weighted-average number of common shares outstanding - basic	307,076,397		118,261,955		118,261,955
Dilutive effect of equity-based compensation and warrants	—		—		—
Weighted-average number of common shares outstanding - diluted	307,076,397		118,261,955		118,261,955


Net income per share
Basic	$	(1.07)	$	(1.19)	$	(2.65)
Diluted	(1.07)		(1.19)		(2.65)

(1)The Business Combination was accounted for as a reverse capitalization in accordance with U.S. GAAP. See Note 1 "Description of the Business". Accordingly, weighted-average shares outstanding for purposes of the earnings per share calculation have been retroactively restated as shares reflecting the exchange ratio established in the Business Combination (1.0 Vertiv Holdings share to 118.261955 Vertiv Holdings Co shares).

Employee based stock awards and Warrants are considered in the calculation of dilutive earnings per share under the treasury stock method to the extent such instruments are in-the-money and not anti-dilutive. The calculation of dilutive earnings per share excluded 11.0 million shares for the year ended December 31, 2020 as their inclusion would be anti-dilutive.

On December 17, 2020, the Company announced its plans to redeem for cash all of its outstanding Public Warrants to purchase shares of Vertiv's Class A common shares. During Q4 2020, $156.5 of cash was generated from the exercise of 13.6 million Public Warrants.

Subsequent to December 31, 2020, 9.3 million Public Warrants were exercised which generated cash proceeds of $107.5 in connection with Vertiv's notice of redemption to redeem for cash all of its outstanding Public Warrants to purchase shares of Class A common stock. Public Warrants that remained exercised at 5 p.m. New York City time on January 18, 2021 were no longer exercisable, and the registered holders of such unexercised Public Warrants are entitled to receive the redemption price of $0.01 per Warrant.