Net Income (Loss) Per Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

11. Net Income (Loss) Per Share

Basic net income (loss) per share is computed by dividing distributed and undistributed net income (loss) allocable to common shares by the weighted-average number of common shares outstanding during the applicable period. The basic weighted-average number of common shares outstanding during the period excludes non-vested share-based payment awards. Diluted net income (loss)

per share was calculated under the treasury stock method for the quarters and six months ended June 30, 2023 and June 30, 2022, which in both periods was more dilutive than the two-class method.

The following table sets forth the computation of basic and diluted net income (loss) per share (in millions of dollars, except share and per share amounts):

	Quarter Ended June 30,					Six Months Ended June 30,
	2023		2022			2023		2022
Numerator:
Net income (loss)	$	18.3	$	(13.8	)	$	34.2	$	(5.7	)
Denominator – Weighted-average common shares outstanding (in thousands):
Basic		15,974		15,899			15,957		15,883
Add: dilutive effect of non-vested common shares, restricted stock units and performance shares1		109		—			133		—
Diluted		16,083		15,899			16,090		15,883
Net income (loss) per common share, Basic:	$	1.14	$	(0.87	)	$	2.14	$	(0.36	)
Net income (loss) per common share, Diluted:	$	1.14	$	(0.87	)	$	2.12	$	(0.36	)

1Quantities in the following discussion are denoted in whole shares. During the quarter and six months ended June 30, 2023, approximately 42,000 and 16,000 shares, respectively, were excluded from the weighted-average diluted shares computation as their inclusion would have been anti‑dilutive. For the quarter and six months ended June 30, 2022, approximately 157,000 and 161,000 shares, respectively, were excluded from the computation of net loss per share as their inclusion would have been anti-dilutive.