Earnings (Loss) Per Share (Tables)

9 Months Ended

Sep. 30, 2015

Computation of Basic and Diluted Earnings (Loss) Per Share

The following table sets forth the computation of basic and diluted earnings (loss) per share for the three and nine months ended September 30, 2015 and 2014:

(In millions, except share	Three Months Ended September 30,						Nine Months Ended September 30,
and per share amounts)	2015			2014			2015			2014
Earnings (loss) from continuing operations	$	2.0		$	(0.7	)	$	(29.5	)	$	(4.2	)
Earnings (loss) from discontinued operations, net of income taxes		(0.7	)		1.5			26.5			4.6
Net earnings (loss)		1.3			0.8			(3.0	)		0.4
Earnings from continuing operations attributable to noncontrolling interest		0.1			—			0.3			—
Net earnings (loss) attributable to Real Industry, Inc.		1.2			0.8			(3.3	)		0.4
Dividends and accretion on Redeemable Preferred Stock		(0.7	)		—			(1.6	)		—
Numerator for basic and diluted earnings per share—Net earnings (loss) available to common stockholders	$	0.5		$	0.8		$	(4.9	)	$	0.4
Denominator for basic earnings per share— Weighted average shares outstanding		28,556,383			13,162,987			25,993,660			13,151,059
Effect of dilutive securities		1,257,090			—			—			—
Denominator for diluted earnings per share— Weighted average shares outstanding		29,813,473			13,162,987			25,993,660			13,151,059
Basic earnings (loss) per share:
Continuing operations	$	0.04		$	(0.05	)	$	(1.21	)	$	(0.32	)
Discontinued operations		(0.02	)		0.11			1.02			0.35
Basic earnings (loss) per share	$	0.02		$	0.06		$	(0.19	)	$	0.03
Diluted earnings (loss) per share:
Continuing operations	$	0.04		$	(0.05	)	$	(1.21	)	$	(0.32	)
Discontinued operations		(0.02	)		0.11			1.02			0.35
Diluted earnings (loss) per share	$	0.02		$	0.06		$	(0.19	)	$	0.03

Average Market Price of Common Stock and the Incremental Shares that were Dilutive or Potentially Dilutive

Unvested restricted common stock, common stock options, unvested performance shares and the Warrants are antidilutive and excluded from the computation of diluted earnings per share if the assumed proceeds upon exercise or vesting are greater than the cost to reacquire the same number of shares at the average market price during the period. The dilutive impact of these securities is reflected in the weighted average diluted shares outstanding for the three months ended September 30, 2015. For the nine months ended September 30, 2015 and 2014, and the three months ended September 30, 2014, the impact of all outstanding unvested shares of restricted common stock, common stock options, unvested performance shares and the Warrants are excluded from diluted earnings (loss) per share as their impact would be antidilutive. The following table provides details on the average market price of Real Industry common stock and the weighted average number of outstanding shares of unvested restricted common stock, common stock options, unvested performance shares and Warrants that were potentially dilutive for each of the periods presented:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2015		2014		2015		2014
Average market price of Real Industry common stock	$	10.63	$	8.77	$	9.18	$	9.93
Potentially dilutive common stock equivalents:
Unvested restricted common stock		—		109,319		224,526		105,381
Common stock options		—		1,205,743		850,707		1,213,671
Unvested performance shares		—		—		116,190		—
Warrants		—		1,500,000		1,491,874		1,500,000
Total potentially dilutive common stock equivalents		—		2,815,062		2,683,297		2,819,052