Earnings per share (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of computation of basic and diluted earnings per common share

The following table sets forth the computation of basic and diluted earnings per common share for the three and nine months ended September 30, 2020 and 2019:


	For the three months ended September 30,				For the nine months ended September 30,
(Millions, except share and per share information)	2020		2019		2020		2019
Basic earnings per share
Numerator:
Net income	$	(104.0)	$	(7.6)	$	(232.5)	$	104.7
Less: Income attributable to non-controlling interests	(0.2)		(0.4)		(0.2)		(1.6)
Less: Change in carrying value of Series B preference shares	8.7		5.3		25.5		(3.9)
Net income available for dividends out of undistributed earnings	$	(95.5)	$	(2.7)	$	(207.2)	$	99.2
Less: Earnings attributable to Series B preference shares	—		—		—		(9.3)
Net income available to Sirius Group common shareholders	$	(95.5)	$	(2.7)	$	(207.2)	$	89.9
Denominator:
Weighted average shares outstanding for basic earnings per share	115,297,945		115,251,853		115,279,197		115,225,942
Basic earnings per share	$	(0.83)	$	(0.02)	$	(1.80)	$	0.78
Diluted earnings per share
Numerator:
Net income available to Sirius Group common shareholders	$	(95.5)	$	(2.7)	$	(207.2)	$	89.9
Add: Change in carrying value of Series B preference shares	—		(5.3)		(25.5)		—
Net income available to Sirius Group common shareholders on a diluted basis	$	(95.5)	$	(8.0)	$	(232.7)	$	89.9
Denominator:
Weighted average shares outstanding for basic earnings per share	115,297,945		115,251,853		115,279,197		115,225,942
Add: Series B preference shares	—		11,901,670		11,901,670		—
Add: Unvested performance share units and restricted share units	—		—		—		393,280
Weighted average shares outstanding for diluted earnings per share(1)	115,297,945		127,153,523		127,180,867		115,619,222
Diluted earnings per share	$	(0.83)	$	(0.06)	$	(1.83)	$	0.78

(1)For the three months ended September 30, 2020, there were a total of 26,057,275 potentially dilutive securities excluded from the calculation of Diluted earnings per share. For the three months ended September 30, 2019, there were 19,537,270 potentially dilutive securities excluded from the calculation of Diluted earnings per share. For the nine months ended September 30, 2020, there were a total of 14,155,605 potentially dilutive securities excluded from the calculation of Diluted earnings per share. For the nine months ended September 30, 2019, there were 31,045,660 potentially dilutive securities excluded from the calculation of Diluted earnings per share.