EARNINGS (LOSS) PER SHARE (Tables)

6 Months Ended

Jun. 30, 2022

Schedule of Earnings Per Share, Basic and Diluted

The details of the earnings per share calculations for the three and six months ended June 30, 2022 and 2021 are as follows:


(In millions, except share and per share amounts)	Three months ended June 30, 2022		Three months ended June 30, 2021		Six months ended June 30, 2022		Six months ended June 30, 2021
Basic earnings (loss) per share computation:
Net income (loss)	$	20.3	$	9.7	$	28.8	$	41.4
Weighted-average number of shares outstanding - basic	376,594,660		352,199,184		376,285,196		350,908,612
Basic earnings per share	0.05		0.03		$	0.08	$	0.12

Diluted earnings (loss) per share computation:
Net income (loss)	20.3		$	9.7	$	28.8	$	41.4
Gain on fair value of warrant liabilities(1)	—		—		(133.8)		—
Net income (loss) adjusted for the gain on fair value of warrant liabilities	$	20.3	$	9.7	$	(105.0)	$	41.4

Weighted-average number of shares outstanding - basic	376,594,660		352,199,184		376,285,196		350,908,612
Dilutive effect of private warrants	—		—		2,208,018		—
Dilutive effect of equity-based compensation	663,194		4,453,627		—		3,975,257
Weighted-average number of shares outstanding - diluted	377,257,854		356,652,811		378,493,214		354,883,869
Diluted earnings (loss) per share	0.05		0.03		$	(0.28)	$	0.12

(1)For the three months ended June 30, 2022, the warrants were out of the money and therefore the net income is not adjusted for the gain on fair value of warrant liabilities to calculate diluted earnings (loss) per share.