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Earnings (Loss) Per Share
 3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]  
Earnings (Loss) Per Share

6. 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. 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 are as follows:

 

 

Three Months

 

(dollars in millions, except per share data; shares and stock units in thousands)

 

2021

 

 

2020

 

Basic and dilutive net income (loss) available to common shareholders

 

$

(63.3

)

 

$

4.3

 

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 

 

50,358

 

 

 

33,791

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

Unvested shares and stock units(a)

 

 

—

 

 

 

1,839

 

Dilutive weighted average shares outstanding

 

$

50,358

 

 

$

35,630

 

Basic earnings (loss) per share(b)

 

$

(1.26

)

 

$

0.13

 

Diluted earnings (loss) per share(b)

 

$

(1.26

)

 

$

0.12

 

 

(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 three months ended March 31, 2021, we do not report dilutive securities for this period. At March 31, 2021 and 2020, our anti-dilutive unvested shares and stock units not included in the calculation of diluted earnings (loss) per share were approximately 35,000 and 176,000, respectively.