Earnings Per Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

EARNINGS PER SHARE

NOTE 19 — EARNINGS PER SHARE

Basic earnings per share is calculated by dividing net income or loss by the weighted average number of shares outstanding during the period. Diluted earnings per share is calculated by dividing net income by the weighted average number of common shares outstanding, after giving effect to all potential dilutive equity awards outstanding during the period. We include all common shares granted under our share-based compensation plan which remain unvested (RSUs and PSUs), in the number of shares outstanding for our diluted earnings per share calculations using the treasury method.

Basic and diluted earnings per share for the three and nine months ended September 30, 2022 and 2021 were calculated as follows (amounts in millions, except per share amounts):

	Three Months Ended September 30,					Nine Months Ended September 30,
	2022		2021			2022		2021
Basic net income (loss) per share
Net income (loss)	$	4.4	$	(0.6	)	$	7.8	$	(22.1	)
Basic weighted average common shares outstanding		31,981,843		32,363,376			32,091,353		31,484,906
Basic net income (loss) per share of common stock	$	0.14	$	(0.02	)	$	0.24	$	(0.70	)
Diluted income (loss) per share
Net income (loss)	$	4.4	$	(0.6	)	$	7.8	$	(22.1	)
Basic weighted average common shares outstanding		31,981,843		32,363,376			32,091,353		31,484,906
Effect of dilutive securities:
Effect of dilutive non-vested restricted stock units		157,109		—			198,774		—
Diluted weighted average common shares outstanding		32,138,952		32,363,376			32,290,127		31,484,906
Diluted net income (loss) per share of common stock	$	0.14	$	(0.02	)	$	0.24	$	(0.70	)

Securities excluded from the calculation of diluted loss per share were approximately 157,000 and 155,000 for the three and nine months ended September 30, 2021, respectively, because the inclusion of such securities in the calculation would have been anti-dilutive.