Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

10. Earnings (Loss) Per Share

We calculate basic earnings (loss) per share by dividing our net earnings (loss) available to common shareholders by our weighted-average shares outstanding at the end of the period. When appropriate, 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 the years ended December 31 are as follows:

(dollars in millions, except per share data, shares and stock units in thousands)	2021			2020			2019
Basic and dilutive net income (loss)	$	(109.1	)	$	(53.5	)	$	(104.0	)
Basic weighted average shares outstanding		50,720			41,694			33,252
Effect of dilutive securities:
Unvested shares and stocks units(a)		—			—			—
Dilutive weighted average shares outstanding		50,720			41,694			33,252
Basic earnings (loss) per share(b)	$	(2.15	)	$	(1.28	)	$	(3.13	)
Diluted earnings (loss) per share(b)	$	(2.15	)	$	(1.28	)	$	(3.13	)

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 loss position for the years ended December 31, 2021, 2020 and 2019, there are no dilutive securities for these periods.

Our anti-dilutive securities for the years ended December 31 are as follows:

(shares in thousands)	2021		2020		2019
Anti-dilutive unvested shares and options		172		123		610