Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2021

EARNINGS (LOSS) PER SHARE

Basic earnings per ordinary 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 ordinary 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 three and nine months ended September 30, 2021 and 2020 are as follows (in millions, except per share and per share amounts):


	Three months ended September 30, 2021		Three months ended September 30, 2020		Nine months ended September 30, 2021		Nine months ended September 30, 2020
Net income (loss) attributable to common shareholders	$	56.2	$	(103.5)	$	97.6	$	(367.8)

Weighted-average number of ordinary shares outstanding - basic	352,482,900		328,411,705		351,439,095		299,266,849
Dilutive effect of equity-based compensation and warrants	10,715,801		—		4,535,533		—
Weighted-average number of ordinary shares outstanding - diluted	363,198,701		328,411,705		355,974,628		299,266,849


Net income per share attributable to common shareholders
Basic	$	0.16	$	(0.32)	$	0.28	$	(1.23)
Diluted	0.15		(0.32)		0.27		(1.23)

The dilutive effect of stock awards and warrants was 10.7 million and 4.5 million shares during the three and nine months ended September 30, 2021, respectively. Additional stock awards and warrants were also outstanding during the three and nine months ended September 30, 2021, but were not included in the computation of diluted earnings per common share because the effect would be anti-dilutive. Such anti-dilutive stock awards represented 1.8 million shares for the three months ended September 30, 2021. Such anti-dilutive stock awards and warrants represented 2.1 million and 5.7 million shares for the nine months ended September 30, 2021, respectively.

The dilutive effect of stock awards was zero during the three and nine months ended September 30, 2020. Additional stock awards and warrants were also outstanding during the three and nine months ended September 30, 2020, but were not included in the computation of diluted earnings per common share because the effect would be anti-dilutive. Such anti-dilutive stock awards and warrants represented zero and 33.5 million shares for the three months ended September 30, 2020, and 1.6 million and 33.5 million shares for the nine months ended September 30, 2020, respectively.