EARNINGS (LOSS) PER SHARE

9 Months Ended

Sep. 30, 2022

(14) 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 warrants are in-the-money and 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 and nine months ended September 30, 2022 and 2021 are as follows:


(In millions, except share and per share amounts)	Three months ended September 30, 2022		Three months ended September 30, 2021		Nine months ended September 30, 2022		Nine months ended September 30, 2021
Basic earnings (loss) per share computation:
Net income (loss)	$	21.2	$	56.2	$	50.0	$	97.6
Weighted-average number of shares outstanding - basic	377,016,981		352,482,900		376,531,805		351,439,095
Basic earnings per share	0.06		0.16		$	0.13	$	0.28
Diluted earnings (loss) per share computation:
Net income (loss)	21.2		$	56.2	$	50.0	$	97.6
Gain on fair value of warrant liabilities(1)	—		—		(124.0)		—
Net income (loss) adjusted for the gain on fair value of warrant liabilities	$	21.2	$	56.2	$	(74.0)	$	97.6
Weighted-average number of shares outstanding - basic	377,016,981		352,482,900		376,531,805		351,439,095
Dilutive effect of private warrants	—		5,976,022		1,507,004		—
Dilutive effect of equity-based compensation	427,021		4,739,779		—		4,535,533
Weighted-average number of shares outstanding - diluted	377,444,002		363,198,701		378,038,809		355,974,628
Diluted earnings (loss) per share	0.06		0.15		$	(0.20)	$	0.27

(1)For the three months ended September 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.

The dilutive effect of private warrants was 1.5 million shares during the nine months ended September 30, 2022. Additional equity-based compensation awards and warrants were also outstanding during the three and nine months ended September 30, 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 represent 20.3 million and 15.0 million shares for the three and nine months ended September 30, 2022, respectively.

The dilutive effect of private warrants was 6.0 million and zero shares during the three and nine months ended September 30, 2021, respectively. The dilutive effect of equity-based compensation awards was 4.7 million and 4.5 million shares during the three and nine months ended September 30, 2021, respectively. Additional equity-based compensation 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 equity-based compensation awards represented 1.8 million shares for the three months ended September 30, 2021. Such anti-dilutive equity-based compensation awards and warrants represented 2.1 million and 5.7 million shares for the nine months ended September 30, 2021, respectively.