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Earnings/Loss per Share
 12 Months Ended
Dec. 31, 2019
Earnings Per Share [Abstract]  
Earnings/Loss per Share Earnings/Loss per share

Basic earnings (loss) per share ("EPS") is computed by dividing net income (loss) available to common stockholders by the weighted-average number of shares of common stock outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted EPS gives effect to the potential dilution, if any, that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, using the more dilutive of the two-class method or if-converted method. Diluted EPS excludes potential shares of common stock if their effect is anti-dilutive. If there is a net loss in any period, basic and diluted EPS are computed in the same manner.

The two-class method determines net income (loss) per common share for each class of common stock and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income available to common shareholders for the period to be allocated between different classes of common stock and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. The Company applied the two-class method for EPS when computing net income (loss) per Class A and Class C common shares.

The Predecessor had one class of shares outstanding. As of December 31, 2019, the Company has not issued any instruments that were considered to be participating securities. The Successor’s weighted average shares of Class A and Class C common stock have been combined in the denominator of basic and diluted earnings (loss) per share because they have equivalent economic rights. The following tables set forth the computation of the Company's (loss) earnings per share:

 
 
Successor
 
 
Predecessor
(Expressed in millions, except per share amounts)
 
June 3, 2019 through December 31, 2019
 
 
January 1, 2019
through June 2,
2019
 
Twelve Months Ended
December 31, 2018
 
Twelve Months Ended
December 31, 2017
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
$
(17.2
)
 
 
$
(19.0
)
 
$
(8.6
)
 
$
27.7

Income allocated to participating preferred shares
 
—

 
 
—

 
—

 
—

Net income (loss) attributable to common stockholders for basic and diluted EPS
 
$
(17.2
)
 
 
$
(19.0
)
 
$
(8.6
)
 
$
27.7

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic weighted average common shares outstanding
 
55,392,201

 
 
995

 
995

 
995

Denominator adjustments for diluted EPS:
 
 
 
 
 
 
 
 
 
Assumed exercise of warrants
 
—

 
 
—

 
—

 
—

Assumed vesting of RSUs
 
—

 
 
—

 
—

 
—

Dilutive weighted average common shares outstanding
 
55,392,201

 
 
995

 
995

 
995

 
 
 
 
 
 
 
 
 
 
Earnings (loss) per share attributable to common stockholders:
 
 
 
 
 
 
 
 
 
Basic
 
$
(0.31
)
 
 
$
(19,195.40
)
 
$
(8,697.61
)
 
$
27,801.44

Diluted
 
$
(0.31
)
 
 
$
(19,195.40
)
 
$
(8,697.61
)
 
$
27,801.44



The following securities were not included in the computation of diluted shares outstanding because the effect would be anti-dilutive or because milestones were not yet achieved for awards contingent on the achievement of performance milestones:

 
 
Successor
 
 
Predecessor
 
 
December 31, 2019
 
 
December 31, 2018
 
 
 
 
 
 
Warrants on Common Stock (Note 17)
 
20,108,741

 
 
—

Restricted Stock Units
 
 
 
 
 
and Performance-based
 
 
 
 
 
Restricted Stock Units (Note 16)
 
496,331

 
 
—

 
 
20,605,072

 
 
—