Net Income (Loss) Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

15. Net Income (Loss) Per Share

Basic net income (loss) per share is computed by dividing distributed and undistributed net income (loss) available 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. Basic and diluted net income (loss) per share was calculated under the two-class method for 2023, and the treasury method in 2022 and 2021, which 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):

	Year Ended December 31,
	2023			2022			2021
Numerator:
Net income (loss)		47.2			(29.6	)		(18.5	)
Less: earnings attributable to participating securities1		(0.1	)		—			—
Net income (loss) available to common shareholders		47.1			(29.6	)		(18.5	)
Denominator – Weighted-average common shares    outstanding (in thousands):
Basic		15,991			15,906			15,836
Add: dilutive effect of non-vested common shares,    restricted stock units and performance shares2		140			—			—
Diluted		16,131			15,906			15,836
Net income (loss) per common share, Basic	$	2.95		$	(1.86	)	$	(1.17	)
Net income (loss) per common share, Diluted	$	2.92		$	(1.86	)	$	(1.17	)

1.Represents distributed and undistributed earnings allocated to non-vested RSAs that contain non-forfeitable rights to dividends.

2.Quantities in the following discussion are denoted in whole shares. A total of 35,000 non-vested RSUs and performance shares for the year ended December 31, 2023 were excluded from the weighted-average diluted shares computation as their inclusion would have been anti-dilutive. For the years ended December 31, 2022 and December 31, 2021, approximately 139,000 and 213,000 potentially dilutive shares, respectively, were excluded from the computation of net loss per share as their effect would have been anti‑dilutive.