Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2022

EARNINGS (LOSS) PER SHARE

Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per share is computed by dividing net income (loss) adjusted for the gain on fair value of warrant liability, if the impact is dilutive, 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 equity-based compensation and warrants.

The details of the earnings per share calculations for the three months ended March 31, 2022 and 2021 are as follows:


(In millions, except share and per share amounts)	Three months ended March 31, 2022		Three months ended March 31, 2021
Basic earnings (loss) per share computation:
Net income (loss)	$	8.5	$	31.7
Weighted-average number of shares outstanding - basic	375,972,294		349,603,701
Basis earnings per share	$	0.02	$	0.09

Diluted earnings (loss) per share computation:
Net income (loss)	$	8.5	$	31.7
Gain on fair value of warrant liabilities	(94.9)		—
Net income (loss) adjusted for the gain on fair value of warrant liabilities	$	(86.4)	$	31.7

Weighted-average number of shares outstanding - basic	375,972,294		349,603,701
Dilutive effect of private warrants	3,720,435		—
Dilutive effect of equity-based compensation	—		3,844,884
Weighted-average number of shares outstanding - diluted	379,692,729		353,448,585
Diluted earnings (loss) per share	$	(0.23)	$	0.09

The dilutive effect of private warrants was 3.7 million during the three months ended March 31, 2022. Additional equity-based compensation awards were also outstanding during the three months ended March 31, 2022, but were not included in the computation of diluted earnings (loss) per share because the effect would be anti-dilutive. Such anti-dilutive equity-based compensation awards represented 7.8 million shares for the three months ended March 31, 2022.

The dilutive effect of equity-based compensation awards was 3.8 million during the three months ended March 31, 2021. Additional equity-based compensation awards and warrants were also outstanding during the three months ended March 31, 2021, but were not included in the computation of diluted earnings per common share because the effect would be anti-dilutive. Such anti-dilutive equity-based compensation awards and warrants represented 0.8 million and 5.3 million shares for the three months ended March 31, 2021, respectively.