Earnings (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Reconciliation of Basic Shares to Diluted Shares

The following is a reconciliation of the numerator and denominator of the basic and diluted EPS computation for net income (loss) per share:

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions, except per share amounts)	2020		2019		2020		2019
Numerator:
Net income (loss) attributable to Covetrus	$	54	$	(10)	$	20	$	(23)
Adjustment for:
Dividends declared on Series A Preferred Stock	(2)		—		(2)		—
Allocation of earnings to participating securities	(6)		—		(1)		—
Income (loss) available to common shareholders	$	46	$	(10)	$	17	$	(23)
Denominator:
Basic
Weighted-average common shares outstanding	112		112		112		103
Diluted
Effect of dilutive shares	1		—		1		—
Weighted-average common shares outstanding	113		112		113		103
Income (loss) per share attributable to Covetrus:
Basic	$	0.40	$	(0.09)	$	0.15	$	(0.22)
Diluted	$	0.40	$	(0.09)	$	0.15	$	(0.22)
Potentially dilutive securities (a)	19		5		12		3
(a) Potentially dilutive securities attributable to outstanding convertible Series A Preferred Stock, stock options, restricted stock units, and restricted stock awards were excluded from the computation of diluted earnings per share because the securities would have had an antidilutive effect.