EARNINGS (LOSS) PER SHARE

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2024 and 2023 are as follows:


(In millions, except share and per share amounts)	Three months ended June 30, 2024		Three months ended June 30, 2023		Six months ended June 30, 2024		Six months ended June 30, 2023
Basic earnings (loss) per share computation:
Net income (loss)	$	178.1	$	83.2	$	172.2	$	133.5
Weighted-average number of shares outstanding - basic	374,734,093		379,938,365		376,934,638		379,039,072
Basic earnings per share	$	0.48	$	0.22	$	0.46	$	0.35

Diluted earnings (loss) per share computation:
Net income (loss)	178.1		$	83.2	$	172.2	$	133.5



Weighted-average number of shares outstanding - basic	374,734,093		379,938,365		376,934,638		379,039,072

Dilutive effect of equity-based compensation	9,753,976		2,412,845		10,066,790		2,077,117
Weighted-average number of shares outstanding - diluted	384,488,069		382,351,210		387,001,428		381,116,189
Diluted earnings (loss) per share	$	0.46	$	0.22	$	0.44	$	0.35

The dilutive effect of equity-based compensation awards was 9.8 million and 10.1 million shares, respectively, during the three and six months ended June 30, 2024. Additional equity-based compensation awards and warrants were also outstanding during the three and six months ended June 30, 2024, but were not included in the computation of diluted earnings per share because the effect would be anti-dilutive. Such anti-dilutive equity-based compensation awards and warrants represent of 1.4 million and 4.6 million shares for the three months ended June 30, 2024, respectively, and 1.0 million and 4.5 million shares for the six months ended June 30, 2024, respectively.

The dilutive effect of equity-based compensation awards was 2.4 million and 2.1 million shares, respectively, during the three and six months ended June 30, 2023. Additional equity-based compensation awards and warrants were also outstanding during the three and six months ended June 30, 2023, but were not included in the computation of diluted earnings per share because the effect would be anti-dilutive. Such anti-dilutive equity-based compensation awards and warrants represent 8.3 million and 1.7 million shares for the three months ended June 30, 2023, respectively, and 8.3 million and 1.8 million shares for the six months ended June 30, 2023, respectively.