Earnings (Loss) per Common Share

9 Months Ended

Sep. 30, 2022

Earnings (Loss) per Common Share

Earnings (Loss) per Common Share

Note 9. Earnings (Loss) per Common Share

Basic earnings or loss per share attributable to the Company’s common stockholders is computed by dividing net earnings 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.  No such items were included in the computation of diluted loss or earnings per share for the three and nine months ended September 30, 2021 because the Company incurred a net loss from continuing operations and the effect of inclusion would have been anti-dilutive.

	Three months ended				Nine months ended
	September 30,				September 30,
	2022		2021		2022		2021
	(in millions, except share data)
Income (loss) from continuing operations	$	0.5	$	(21.2)	$	10.2	$	(66.4)
Income from discontinued operations	$	—	$	539.1	$	—	$	606.3
Net income	$	0.5	$	517.9	$	10.2	$	539.9
Basic weighted-average shares		84,274,050		82,973,519		83,908,691		82,615,949
Effect of dilutive securities:
Restricted stock awards		2,461,196		—		2,763,184		—
Diluted weighted-average shares		86,735,246		82,973,519		86,671,875		82,615,949
Basic and diluted earnings (loss) per common share - continuing operations
Basic	$	0.01	$	(0.26)	$	0.12	$	(0.80)
Diluted	$	0.01	$	(0.26)	$	0.12	$	(0.80)
Basic and diluted earnings per common share - discontinued operations
Basic	$	—	$	6.50	$	—	$	7.34
Diluted	$	—	$	6.50	$	—	$	7.34
Basic and diluted earnings per common share
Basic	$	0.01	$	6.24	$	0.12	$	6.54
Diluted	$	0.01	$	6.24	$	0.12	$	6.54

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 September 30, 2022, the Company determined the performance conditions associated with the performance shares issued in 2021 and 2022 were not yet achieved; however, the performance condition associated with the performance shares issued in 2020, and the market conditions indicated a certain level of achievement within the payout range. Therefore, the contingently issuable performance shares associated with the 2020 performance condition and market conditions were included in the computation of diluted earnings per share.