Earnings (Loss) per Common Share

3 Months Ended

Mar. 31, 2021

Earnings (Loss) per Common Share

Earnings (Loss) per Common Share

Note 8. Earnings per Common Share

Basic earnings or loss per share attributable to the Company’s common stockholders is computed by dividing net income or loss attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings or loss per share attributable to common stockholders presents the dilutive effect, if any, on a per share basis of potential common shares (such as restricted stock units) as if they had been vested or converted during the periods presented.

	Three months ended
	March 31,
	2021		2020
	(in millions, except share data)
Net income	$	9.6	$	0.1
Basic weighted-average shares		82,031,043		81,037,633
Effect of dilutive securities:
Restricted stock awards		3,598,940		499,180
Diluted weighted-average shares		85,629,983		81,536,813
Basic earnings per share	$	0.12	$	0.00
Diluted earnings per share	$	0.11	$	0.00

The dilutive effect of the potential common shares from the performance shares is included in diluted earnings per share upon the satisfaction of certain performance and market conditions. These conditions are evaluated at each reporting period and if the conditions have been satisfied during the reporting period, the number of contingently issuable shares are included in the computation of diluted earnings per share. As of March 31, 2021, the Company determined the performance conditions were not yet achieved; however, the market conditions indicated a certain level of  achievement within the payout range. Therefore, the contingently issuable performance shares associated with the market condition were included in the computation of diluted earnings per share.