EARNINGS (LOSS) PER SHARE (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Earnings Per Share, Basic and Diluted

The details of the earnings per share calculations for the three and nine months ended September 30, 2023 and 2022 are as follows:


(In millions, except share and per share amounts)	Three months ended September 30, 2023		Three months ended September 30, 2022		Nine months ended September 30, 2023		Nine months ended September 30, 2022
Basic earnings (loss) per share computation:
Net income (loss)	$	94.1	$	21.2	$	227.6	$	50.0
Weighted-average number of shares outstanding - basic	380,899,419		377,016,981		379,666,002		376,531,805
Basic earnings per share	$	0.25	$	0.06	$	0.60	$	0.13

Diluted earnings (loss) per share computation:
Net income (loss)	94.1		$	21.2	$	227.6	$	50.0
Gain on fair value of warrant liabilities(1)	—		—		—		(124.0)
Net income (loss) adjusted for the gain on fair value of warrant liabilities	$	94.1	$	21.2	$	227.6	$	(74.0)

Weighted-average number of shares outstanding - basic	380,899,419		377,016,981		379,666,002		376,531,805
Dilutive effect of private warrants	—		—		—		1,507,004
Dilutive effect of equity-based compensation	7,341,245		427,021		4,166,266		—
Weighted-average number of shares outstanding - diluted	388,240,664		377,444,002		383,832,268		378,038,809
Diluted earnings (loss) per share	$	0.24	$	0.06	$	0.59	$	(0.20)

(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.