Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

10. Earnings (Loss) Per Share

We calculate basic earnings (loss) per share by dividing our net income (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)	2022		2021			2020
Basic and dilutive net income (loss)	$	21.8	$	(109.1	)	$	(53.5	)
Basic weighted average shares outstanding		51,346		50,720			41,694
Effect of dilutive securities:
Unvested shares and stocks units(a)		887		—			—
Dilutive weighted average shares outstanding		52,233		50,720			41,694
Basic earnings (loss) per share(b)	$	0.42	$	(2.15	)	$	(1.28	)
Diluted earnings (loss) per share(b)	$	0.42	$	(2.15	)	$	(1.28	)

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 and 2020, there are no dilutive securities for these periods.

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

(shares in thousands)	2022		2021		2020
Anti-dilutive unvested shares and options		552		172		123