EARNINGS (LOSS) PER SHARE

3 Months Ended

Mar. 31, 2024

(12) 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 months ended March 31, 2024 and 2023 are as follows:


(In millions, except share and per share amounts)	Three months ended March 31, 2024		Three months ended March 31, 2023
Basic earnings (loss) per share computation:
Net income (loss)	$	(5.9)	$	50.3
Weighted-average number of shares outstanding - basic	379,135,184		378,129,786
Basic earnings per share	$	(0.02)	$	0.13

Diluted earnings (loss) per share computation:
Net income (loss)	$	(5.9)	$	50.3
Gain on fair value of warrant liabilities	—		(4.2)
Net income (loss) adjusted for the gain on fair value of warrant liabilities	$	(5.9)	$	46.1

Weighted-average number of shares outstanding - basic	379,135,184		378,129,786
Dilutive effect of private warrants	—		1,868,612
Dilutive effect of equity-based compensation	—		1,685,113
Weighted-average number of shares outstanding - diluted	379,135,184		381,683,511
Diluted earnings (loss) per share	$	(0.02)	$	0.12

Additional equity-based compensation awards of 10.6 million shares and warrants of 4.3 million shares were also outstanding during the three months ended March 31, 2024, but were not included in the computation of diluted earnings (loss) per share because the effect would be anti-dilutive. Additional equity-based compensation awards of 9.3 million shares were also outstanding during the three months ended March 31, 2023, but were not included in the computation of diluted earnings (loss) per share because the effect would be anti-dilutive.