Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2021

6. Earnings (Loss) Per Share

We calculate basic earnings (loss) per share by dividing our net income (loss) available to common shareholders by our basic weighted-average shares outstanding. The calculation for diluted earnings (loss) per share adjusts the weighted average shares outstanding for our dilutive unvested shares and stock units using the treasury stock method. Our calculations for basic and dilutive earnings (loss) per share for three and nine months ended September 30, 2021 and 2020 are as follows:


	Three Months					Nine Months
(dollars in millions, except per share data; shares and stock units in thousands)	2021		2020			2021			2020
Basic and dilutive net income (loss) available to common shareholders	$	8.3	$	(2.0	)	$	(64.4	)	$	(34.8	)

Basic weighted average shares outstanding		50,868		48,672			50,661			38,864
Effect of dilutive securities:
Unvested shares and stock units(a)		950		—			—			—
Dilutive weighted average shares outstanding	$	51,818	$	48,672		$	50,661		$	38,864
Basic earnings (loss) per share(b)	$	0.16	$	(0.04	)	$	(1.27	)	$	(0.90	)
Diluted earnings (loss) per share(b)	$	0.16	$	(0.04	)	$	(1.27	)	$	(0.90	)

(a)

Includes unvested shares of Common Stock, unvested stock units and vested stock units for which the underlying Common Stock has not been distributed.

(b)

Earnings (loss) per share is based on unrounded figures and not the rounded figures presented.

Given our net losses incurred during the nine months ended September 30, 2021 and 2020 and the three months ended September 30, 2020, we do not report dilutive securities for these periods. At September 30, 2021 and 2020, our anti-dilutive unvested shares, options, and stock units were approximately 180,000 and 125,000, respectively.