EARNINGS (LOSS) PER SHARE

9 Months Ended

Sep. 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 nine months ended September 30, 2024 and 2023 are as follows:


(In millions, except share and per share amounts)	Three months ended September 30, 2024		Three months ended September 30, 2023		Nine months ended September 30, 2024		Nine months ended September 30, 2023
Basic earnings (loss) per share computation:
Net income (loss)	$	176.6	$	94.1	$	348.8	$	227.6
Weighted-average number of shares outstanding - basic	375,203,364		380,899,419		376,353,335		379,666,002
Basic earnings per share	$	0.47	$	0.25	$	0.93	$	0.60

Diluted earnings (loss) per share computation:
Net income (loss)	$	176.6	$	94.1	$	348.8	$	227.6



Weighted-average number of shares outstanding - basic	375,203,364		380,899,419		376,353,335		379,666,002

Dilutive effect of equity-based compensation	9,112,701		7,341,245		9,752,894		4,166,266
Weighted-average number of shares outstanding - diluted	384,316,065		388,240,664		386,106,229		383,832,268
Diluted earnings (loss) per share	$	0.46	$	0.24	$	0.90	$	0.59

The dilutive effect of equity-based compensation awards was 9.1 million and 9.8 million shares, respectively, during the three and nine months ended September 30, 2024. Additional equity-based compensation awards and warrants were also outstanding during the three and nine months ended September 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 1.6 million and 4.5 million shares for the three months ended September 30, 2024, respectively, and 1.2 million and 4.5 million shares for the nine months ended September 30, 2024, respectively.

The dilutive effect of equity-based compensation awards was 7.3 million and 4.1 million shares, respectively, during the three and nine months ended September 30, 2023. Additional equity-based compensation awards and warrants were also outstanding during the three and nine months ended September 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 0.3 million and 3.4 million shares for the three months ended September 30, 2023, respectively, and 4.0 million and 2.7 million shares for the nine months ended September 30, 2023, respectively.